BLUE BELL, PA-The Rockville, MD-based Bresler & Reiner Inc. has acquired Valley Square Office Park from Thomas Properties Group Inc. for $42.5 million, or $144.59 per sf. The five-building campus contains an aggregate of 293,936 sf and is currently 87% leased.The Los Angeles-based Thomas acquired it as part of a 13-building, four-asset suburban Philadelphia portfolio from Chicago-based Equity Office Properties in March 2005 when Equity Office exited this marketplace. The price tag for the full portfolio was $162 million. Thomas acquired it through TGP/CalSTRS, which is its joint venture with California State Teachers’ Retirement System.

With the sale, Randall L. Scott, EVP of Thomas, who heads its Philadelphia office, tells, “we exceeded the objective we’d established with CalSTRS.” On invested equity of $2.3 million, the transaction resulted in a gain of approximately $3.7 million to Thomas Properties Group, including an approximate $600,000 promoted interest, or bonus. “We continue to have a significant presence in Philadelphia.” Doug Joseph, first VP in the Philadelphia office of CB Richard Ellis, represented Thomas.

Bresler & Reiner also has a significant presence in the Philadelphia suburbs with assets in Fort Washington, Trevose, Doylestown, Exton and Plymouth Meeting. Of the Valley square acquisition, Sidney Bresler, CEO, tells, “we’re a publicly traded company, and I don’t want to comment beyond what Thomas has said.”

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