NEWTOWN SQUARE, PA-Affiliates of Philadelphia-based Berwind Property Group acquired 200 acres of SAP America Inc.’s corporate headquarters complex, which is the 16-building, 300-acre former ARCO campus here. SAP, the seller, inks a long-term lease for a significant portion, about a third, of the 850,000 sf of office and research space.

SAP will continue to occupy a two-story, 68,000-sf building; a three-story, 173,000-sf building, and other multi-tenant buildings on the campus. Several stone cottages on the property are also utilized by SAP for overnight accommodations.

Lyondell occupies approximately 225,000 sf of office and R&D space, and Graham Partners occupies a two-story, 26,000-sf office building. The campus contains a gymnasium and conference center, which are operated for its tenants. In all, the property is 77% leased, and more than 200,000 sf of office space is available for lease. A BPG spokesperson tells GlobeSt.com that the asking rental rates will be in the low- to mid-$20-per-sf range, full service.

The sole broker for the transaction was Dallas-based Fischer & Co. Real Estate. Terms of the sale/leaseback agreement are undisclosed. Stephen M. Spaeder, BPG’s SVP in charge of the transaction, calls the campus “a well-located, quality asset” that offers “future development opportunities.”

BPG is currently negotiating to sell “a large (but unspecified) portion of the developable land to Villanova University for its law school,” according to Daniel M. DiLella, BPG’s CEO, who is a Villanova alumnus and member of the university’s dean’s advisory council. In addition, BPG has targeted approximately 50% of the undeveloped land that is zoned residential for possible sale to Realen Homes LP, a Philadelphia-based residential builder in which Berwind has an ownership interest.

SAP America, a subsidiary of Waldorf, Germany-based SAP AG, is a leading global provider of business software. It employs approximately 30,000 in offices in 50 countries.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.