JV Sheds Philly-Area Office Asset
Taconic Capital and Cohen Equities sold the 165,000-square-foot property in King of Prussia, Pa., which sits close to the country’s largest mall.
200 N. Warner Road. Image courtesy of Newmark Knight Frank
A joint venture between Taconic Capital Advisors and Cohen Equities has sold 200 N. Warner Road in King of Prussia, Pa. The buyer, Pembroke Capital, purchased the 165,000-square-foot asset for $37.9 million.
The four-story, Class A asset underwent a $41.2 million capital improvement program under the prior ownership, which resulted in a reimagined lobby, new common areas and restrooms, new windows, as well as two common area tenant conference rooms and a lobby grab n’ go bar. Notable tenants include ARCO Design, Gobalto and Echo Financial.
Located in the Swedesford Road Corridor, the building sits close to the King of Prussia Town Center, retailers and eateries. The nation’s largest mall, King of Prussia Mall, is within walking distance, while major thoroughfares such as interstates 76 and 276, as well as routes 202 and 422 are easily accessible.
A Newmark Knight Frank Philadelphia Capital Markets team comprising Mike Margolis, Dave Dolan and Dave Garonzik, alongside market expert Jim Dugan represented the seller in the transaction. Last year, the same team arranged the sale of an office building in Audubon, Pa.
According to Yardi Matrix, the property previously traded in May 2016 for $16.3 million.
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