Newmark Knight Frank Represents Seller in 165,000± SF Office Transaction
Newmark Knight Frank’s (NKF) greater Philadelphia Capital Markets team comprising Mike Margolis, Dave Dolan and Dave Garonzik, along with local market expert, Jim Dugan, have successfully completed the sale of 200 N Warner Road in King of Prussia. The team represented the joint venture of Taconic Capital and Cohen Equities, both of New York, NY, in the $37.85 million sale to Pembroke Capital of Bryn Mawr, PA.
When Taconic Capital and Cohen Equities acquired the property in May of 2016,the occupancy rate was at 65 percent. The seller completed a $4.2 million comprehensive modernization program that included enlarging and remodeling the lobby, creating all new common areas and restrooms, full replacement and addition of windows, as well as the addition of two common area tenant conference rooms and a lobby grab n’ go. This capital investment led to momentous leasing success, and rental rates increasing approximately 35 percent at the property.
The ±165,000 square foot, four-story, Class A office building benefits from a truly unique amenity-rich environment. Tenants and visitors of 200 N. Warner Road enjoy unmatched proximity to the King of Prussia Town Center, offering abundant food and retail amenities directly across the street from the property. Additionally, 200 N. Warner Road is one-quarter mile from the King of Prussia Mall, the United States largest mall in terms of retail space. The property’s prominent King of Prussia location benefits from direct access to major limited access roadways including the Schuylkill Expressway (I-76), the Pennsylvania Turnpike (I-276),Route 202 and Route 422.
200 N. Warner Road is situated within one of the highest performing, most sought-after micro-markets in the entire suburban Philadelphia area, the Swedesford/Warner Road Class A Office Corridor. Driven by an intense concentration of wealth and talent, proximity to an abundant amenity base, and excellent vehicular access to the entire Philadelphia MSA, this corridor boasts a direct vacancy factor of 8.6 percent and rental rates that soar above average suburban Philadelphia rental rates. In addition, properties in this corridor have achieved some of the region’s highest sales prices in recent year’s transactions. The Swedesford/Warner Road Corridor is experiencing tremendous growth in all sectors with positive gains in employment and investor confidence.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
