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KING OF PRUSSIA, PA-Philadelphia based Berwind Property Group has bought Executive Terrace, a 130,000-sf, four-story office property in King of Prussia, PA, from New York-based Teachers Insurance & Annuity. Parties to the transaction declined to disclose the purchase price.

The facility is 88% leased, and brokers familiar with the building and the area tell GlobeSt.com the average rental rate at Executive Terrace is $30 per sf, or approximately $5 per sf above the asking average for the area.

The building is on South Gulph Road, fronting the Schuylkill Expressway (I-76) and five minutes from the King of Prussia mall. It straddles the Conshohocken and King of Prussia suburban-Philadelphia markets.

The property was completed in 1984 and substantially renovated between 1995 and 1997. In both 1996 and 1998, it received the Building Owners and Managers Association’s office building of the year award. “TIAA managed the building meticulously,” said Carl Neilson of the local office of Grubb & Ellis, who represented both the buyer and the seller in the transaction, along with Steven Cousart and Michael McShane of his office.

This is BPG’s first local-area purchase in behalf of its investment partnership’s Fund IV, but it has other buildings in the area. Among them are the GSB Building, 300 Four Falls, Radnor Court and the King of Prussia Business Center.

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