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PHILADELPHIA-Locally based Berwind Property Group has bought a 14-building, 172,000-sf office park in King of Prussia, PA for approximately $19 million, or about $99 per sf. The seller is a joint venture between New York-based real estate investor Praedium Group and Narbeth, PA-based CK Properties.

The park was completed in 1978. The joint venture purchased the property in 1997, and the owners made significant capital improvements that enhanced the property’s rent rolls, according to a statement from Praedium.

Jeff Granowitz, a Praedium principal, says the park’s “solid strategic business location . . . allowed us to capitalize on steady demand for tenants seeking a relatively low-cost alternative with the Route 202 corridor.” The park was 91% occupied at the time of Berwind’s purchase.

The average asking rental rate for office space in the King of Prussia submarket in Chester County west of Philadelphia is currently approximately $26.50 per sf, brokers tell GlobeSt.com. They also say sublease space is exerting downward pressure on rates and concessions are common.

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