{"id":1004204152,"date":"2018-01-18T01:29:46","date_gmt":"2018-01-18T09:29:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004204152"},"modified":"2022-12-07T18:13:49","modified_gmt":"2022-12-08T02:13:49","slug":"vertex-king-of-prussia-hq-trades-for-47m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vertex-king-of-prussia-hq-trades-for-47m\/","title":{"rendered":"Vertex King of Prussia HQ Trades for $47M"},"content":{"rendered":"

By Keith Loria<\/p>\n

\"2301<\/a>

2301 Renaissance Blvd. in King of Prussia, Penn.<\/p><\/div>\n

M&H Properties has acquired 2301 Renaissance Blvd., a 189,502-square-foot, Class A office building in King of Prussia, Penn., from Liberty Property Trust, for $47 million.<\/p>\n

HFF\u00a0represented both parties in the transaction. The building serves as the international corporate headquarters of Vertex Inc., a market leading tax technology firm.<\/p>\n

\u201cThe tenant consolidated its operations from seven separate properties to 2301, ultimately creating a world class environment and providing stability and surety of income to the investor,\u201d <\/em>Brett Segal, HFF managing director, told Commercial Property Executive. \u201cLiberty has publicly made the strategic decision to dispose of its non-core assets. That coupled with the resurgence of the suburban office market in primary locations created a prime opportunity to monetize the asset.\u201d<\/em><\/p>\n

Completed in 2002, the property boasts a state-of-the-art conference center, first floor locker rooms with showers, multiple break-out hubs per floor, a caf\u00e9 with a living wall and 957 parking spaces.<\/p>\n

Strong location<\/h2>\n

The property is situated on 15.5 acres within the 200-acre Renaissance Park corporate campus, which is less than three miles from downtown Conshohocken, Radnor and the King of Prussia Mall. The building is also just a 30- to 40-minute drive from both Center City Philadelphia and Philadelphia International Airport.\u00a0<\/p>\n

According to Segal, the property\u2019s location was of significant interest to buyers and the interest level in the offering was particularly vibrant.<\/p>\n

\u201cThe demand for mixed-use spaces has redefined the utilization of suburban edge cities like King of Prussia,\u201d <\/em>he said. \u201cOnce a destination for only retail and office, the location has been transformed into one of the nation\u2019s most desirable submarkets with extensive residential development, retail expansion and employment growth.\u201d<\/em><\/p>\n

He added that there was interest from local, regional, national and international investors with varying investment profiles.\u00a0\u201cInvestors were drawn to the opportunity due to the King of Prussia location, bondable income stream and exceptional tenant fit-out,\u201d<\/em>\u00a0he added.<\/p>\n

Joining Segal on the HFF investment advisory team was senior managing director Doug Rodio.<\/p>\n

In late 2017, Liberty Property Trust broke ground on two industrial buildings<\/a>\u00a0totaling 704,000 square feet at its Port Crossing Commerce Center in Houston. The company\u2019s 100 million-square-foot portfolio now includes 566 properties, which provide office, distribution and light manufacturing facilities to 1,200 tenants.\u00a0<\/p>\n

Image courtesy of HFF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Class A property is located within the 200-acre Renaissance Park corporate campus. HFF represented both parties in the transaction.<\/p>\n","protected":false},"author":451,"featured_media":1004506759,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21743,21808,21783,21742,10,21747,1494],"tags":[32792,34499,33043,38891],"class_list":["post-1004204152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-deals","category-featured","category-investment","category-latest","category-northeast","category-office","category-philadelphia","tag-hff","tag-king-of-prussia-submarket","tag-liberty-property-trust","tag-mh-properties"],"acf":[],"yoast_head":"\nVertex King of Prussia HQ Trades for $47M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/vertex-king-of-prussia-hq-trades-for-47m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vertex King of Prussia HQ Trades for $47M\" \/>\n<meta property=\"og:description\" content=\"The Class A property is located within the 200-acre Renaissance Park corporate campus. HFF represented both parties in the transaction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/vertex-king-of-prussia-hq-trades-for-47m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-01-18T09:29:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T02:13:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/2301-Renaissance-Blvd.-in-King-of-Prussia-Penn..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"769\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vertex-king-of-prussia-hq-trades-for-47m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/vertex-king-of-prussia-hq-trades-for-47m\/\",\"name\":\"Vertex King of Prussia HQ Trades for $47M - 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