The properties being marketed are: 656-676 E. Swedesford Road, a two-building complex that totals 147,000 square feet; and the Valley Forge Office Center, which includes 480 E. Swedesford Road, a 49,000-square-foot building, and 500 E. Swedesford Road, a 61,000-square-foot property. No prices have been set for the buildings.
The complex at 656-676 E. Swedesford was renovated of two separate structures in the mid-2000s and connected them with a three-story atrium. The complex is 76% occupied by several small tenants ranging between 5,000 to 10,000 square feet including Global Tax Management and MidLantic Urology.
The two buildings at 480 and 500 E. Swedesford are not physically connected but sit next to each other and are being marketed as a pair. Combined, the buildings are 88% occupied and tenants include Affiliated Distributors and CapGemini. Each occupy 21,000 square feet.
The buildings come on the market at a time when some Center City companies are looking for suburban outposts during the pandemic. In addition, there’s still a lot of equity in the market looking for investments.
The properties may end up having competition. DLL is considering putting its 207,000-square-foot building at the corner of E. Swedesford and Old Eagle School Road up for sale.
The Swedesford Road corridor has attracted investors and tenants in recent years because of its access to amenities such as the King of Prussia Town Center and LifeTime Athletic as well as its access to major arteries. As a result, buildings along the corridor have been able to charge some of the highest rents in the suburban market.
That has also fueled some buildings to trade at steep prices. For example, a 165,000-square-foot office building at 200 N. Warner Road sold last year for $37.85 million. The property last traded in May 2016 when the Cohen partnership bought it for $16.3 million. Bay Colony, a four-building, 249,522-square-foot office complex at 565, 575, 585 and 595 E. Swedesford Road, also traded last year for $58.25 million. It sold for $37.5 million in 2015.
*Article Courtesy of Philadelphia Business Journal
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