Thank you for sharing!

Your article was successfully shared with the contacts you provided.

KING OF PRUSSIA, PA-BSI Realty, which operates from multiple Delaware County locations, has sold the 29,234-sf office building at 840 First Ave. for $2.3 million, which is just shy of $79 per sf. The buyer, identified as 1045 First Ave. Associates, is the same local investor who previously acquired an industrial building at 1045 First Ave.

The newest acquisition is approximately 20 years old and was about 40% leased at the close of the sale, according to Paul Touhey, a senior associate in the Wayne office of CB Richard Ellis. He, CBRE SVP Steve Italiano, and first VP Len Redeyoff represented BSI and were the only brokers in the deal.

“The location near its previous buy was the sole reason for this acquisition; no other factors were considered,” Touhey says. The buyer has repositioned the 30,000-sf, class C industrial asset into a class A office building that is now fully leased. Plans for the newer acquisition have not been established.

The buildings are within minutes of routes 422, 202, 76 and 23, and they are also near numerous hotels, restaurants and the upscale King of Prussia Mall. This submarket is one of the priciest office markets in the Philadelphia suburbs. A second-quarter report from Studley puts the average asking rent rate at $27.92 per sf, while a Grubb & Ellis report puts the class A rate at $27.19 per sf.

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?



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 © 2021 ALM Media Properties, LLC. All Rights Reserved.