Douglas Rodio and Jordan Muchnick of the Philadelphia office ofMarcus & Millichap Real Estate Investment Services representedthe seller and also procured the buyer. Rodio tells GlobeSt.com thebuilding, which is located in the Longwood Corporate Center Southoffice complex, was constructed in 1990.
It is currently 50% leased, according to Rodio. The askingrental rate is $22.00 per sf, he says, which provides the buyerwith significant upside potential. The new owner will continue tooperate it as a multi-tenant office facility and plan to renovatethe property's common areas. Justin Soss and Don Grimes of KarMarRealty Group have been hired to handle the leasing.
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