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PHILADELPHIA-Locally based Berwind Property Group has acquired King of Prussia Business Center, a class-B office park in King of Prussia, PA from Praedium II Prussia, LP for an undisclosed price. The property consists of 14 one- and two-story buildings on a 12.55-acre site that is less than a mile from the intersection of the Schuykill Expressway and the Pennsylvania Turnpike.

The property was completed in 1981 and has approximately 175,000 sf of rentable space. It is currently 82% leased. Area brokers tell GlobeSt.com the asking rental rate for class-B office space in the King of Prussia suburban market is about $22 per sf.

A restaurant and banking services are on the property. According to a statement, BPG will add amenities, including concierge service, a day care center, an exercise room and conference facilities. Christopher Locatell, BPG project director, also listed additional planned capital improvements, including new windows, an HVAC upgrade, the conversion of loading dock doors to glass door entrances, general repairs and a new landscaping plan in the statement.

The purchase is for BPG Investment Partnership V, a $225-million fund sponsored by BPG.

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