Mike Margolis, SVP, and Steve Marzullo, VP in the capitalmarkets team of the Philadelphia-area office of Trammell Crow Co.,represented Archon and Archon's John McNamara and Tricia Moore ledthe disposition effort. Margolis says Archon acquired the center aspart of a "nonperforming portfolio" and then "stabilizedPinebrook's occupancy through an aggressive leasing and capitalimprovement strategy."

The buildings were completed in the mid-1980s. Published officerental rates in the Valley Forge/King of Prussia submarket rangebetween $22.50 per sf and $23.75 per sf. The office vacancy rate inthe submarket stood just below 16.3% at the end of this year'sfirst quarter, according to reports from area brokerage firms.

"Despite the tempered office leasing demand in the past 24months and the strong competition among landlords, Pinebrook wasable to attract a high quality mix of tenants at strong rates andoutperform the market," Marzullo adds. Occupancy at the center isnow about 90% and TCC's property management group along with GeneMcHale of Conshohocken-based Beacon Commercial Real Estate, whichin the exclusive leasing agent, are credited with strengthening theasset, according to Marzullo.