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FORT WASHINGTON, PA-Bala Cynwyd-based Maguire & Partners Property Group paid just under $10.3 million, or $112.72 per sf, for Highland Office Center. The seller is locally based Usante Property.

The 91,748-sf office building at 550 Pinetown Rd. within Fort Washington Office Park is currently 96% leased to 44 tenants and the average tenant space is 2,000 sf. “We were drawn to the building because of its strategic location and its long-standing ability to attract and retain smaller tenants,” Jim Watson of Maguire tells GlobeSt.com. “The small tenant market is a niche that we believe is underserved within the submarket.”

Watson compares this property to the 12-story, 240,000-sf building Maguire owns in Lower Merion, which also contains numerous small-space users. “We know how to served small tenants.” This acquisition follows Maguire’s purchase of the six-building Pinebrook Business Center office facility in Valley Forge this summer. All of its properties, with the exception of a four-building complex near Pittsburgh, are in Philadelphia’s Pennsylvania suburbs and in Southern New Jersey.

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