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PHILADELPHIA-Berwind Property Group has targeted late 2002 for the opening of a to-be-constructed 75,000-sf office building in the Providence Corporate Center in Montgomery County, PA. A second building of 100,000 sf is also planned for the 15-acre site which Berwind purchased from the Nolen Group for development. The price paid for the property was not disclosed.

Located 5 miles northwest of King of Prussia, the development site is near several major companies including Wyeth Ayerst. “Each of the anchor companies in the area has hundreds of vendors who may want to be located here,” says Steve Spaeder, senior vice president at Berwind.

Smith Mack and Company arranged the agreement and is the exclusive leasing agent for the two new office buildings.

The new buildings will feature brick construction with limestone accents, dramatic entrance lobbies, and continuous glass lines with varied window sizes. The project architect is Wulff Architects, Inc. Construction costs for similar projects in the area run at $160 to $170 per sf according to Spaeder. Building is set to begin next spring and no contractor has been selected yet.

BPG is a privately-held real estate investment management firm with operational and development expertise. The firm’s current portfolio includes more than 23 million sf of income properties throughout the U.S., with a gross portfolio value of more than $2 billion.

Providence Corporate Center is a 116-acre master planned park developed by the Nolen Group. Nolen began development of Providence Corporate Center with the sale of 204 acres to William H. Rorer Inc. for that company’s 1.1 million sf world headquarters facility. That property was purchased last year by Wyeth Ayerst, which plans a series of expansions for the facility that will ultimately bring 8,000 employees to the site.

Following the 15-acre sale to BPG, Nolen retains development sites for a hotel, restaurant and more than 300,000 sf of office space within the park.

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