KBS Realty Advisors acquired the office building at 1000 Continental Dr. in King of Prussia, PA from Equus Capital Partners LTD for $63 million, or about $307 per square foot.
The six-story, 205,424-square-foot, 4-Star office building was built in 2007 on six acres in Philadelphia's Montgomery County, at I-76 near Routes 202 and 422. In addition to its LEED-Silver certification, the building offers high-end finishes, floor to ceiling windows, concierge services, an on-site fitness center, and covered parking.
The asset was 99 percent leased at the time of sale to quality tenants including Northwestern Mutual, Farmers Insurance, Nationwide Life Insurance, and The Hartford Financial Services Group.
The seller, through its BPG Development Company LP, developed the asset on-spec.
Jim Vesey, Doug Rodio, Jim Galbally, and John Plower with Jones Lang LaSalle represented the seller. KBS handled the sale in-house.
Please see CoStar COMPS #2958349 for additional information on this transaction.