Roseview-PMRG Enters Philly Office Market
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A $250 million discretionary fund formed by PM Realty Group of Houston and the Roseview Group of Boston recently purchased a 102,204-square-foot class A office building in King of Prussia, PA.
By Adriana Pop, Associate Editor
A joint venture between O’Neil Properties and The Arsenal Fund sold the single-story property at 211 South Gulph Road for $21 million.
The transaction marks the first greater Philadelphia market acquisition for Roseview-PMRG Fund I, which expects to purchase and reposition office properties across the United States. The partnership also owns properties in Atlanta, Houston and Massachusetts, and plans to invest an additional $1.1 million of capital improvements into its new KoP asset. The renovation will include exterior amenities and signage, upgrades to the building’s façade, as well as system improvement.
Since the building was 100 percent occupied at the close of escrow, the Fund’s primary aim is to roll existing leases to market rates with extended terms.
“We are confident that we will be able to back fill any upcoming vacancy space as King of Prussia benefits from continued tightening in Main Line and Conshohocken submarkets which currently have Class A vacancy of 3.7 percent and 10.0 percent, respectively as well as rental growth of 35.98 percent and 36.08 percent during the past five years,” said Angelo Lobosco, executive vice president, PMRG.
Developed in 1960 and situated on 9.31 acres, 211 South Gulph Road is exceptionally located one-half mile south of the King of Prussia Mall, four miles from the most affluent Main Line towns including Wayne and Radnor and 17 miles from downtown Philadelphia. The building has frontage and prominent signage on the Schuylkill Expressway (I‐76), the Metro region’s busiest highway and offers easy access to the Interstate.