Vertex King of Prussia HQ Trades for $47M
- Jan 18, 2018
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.
HFF represented both parties in the transaction. The building serves as the international corporate headquarters of Vertex Inc., a market leading tax technology firm.
“The 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,” Brett Segal, HFF managing director, told Commercial Property Executive. “Liberty 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.”
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 café with a living wall and 957 parking spaces.
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.
According to Segal, the property’s location was of significant interest to buyers and the interest level in the offering was particularly vibrant.
“The demand for mixed-use spaces has redefined the utilization of suburban edge cities like King of Prussia,” he said. “Once a destination for only retail and office, the location has been transformed into one of the nation’s most desirable submarkets with extensive residential development, retail expansion and employment growth.”
He added that there was interest from local, regional, national and international investors with varying investment profiles. “Investors were drawn to the opportunity due to the King of Prussia location, bondable income stream and exceptional tenant fit-out,” he added.
Joining Segal on the HFF investment advisory team was senior managing director Doug Rodio.
In late 2017, Liberty Property Trust broke ground on two industrial buildings totaling 704,000 square feet at its Port Crossing Commerce Center in Houston. The company’s 100 million-square-foot portfolio now includes 566 properties, which provide office, distribution and light manufacturing facilities to 1,200 tenants.
Image courtesy of HFF