Metzler North America, the Seattle-based investment services firm, announced this week that it had sold Bellevue Park Corporate Center in Wilmington, Delaware to The Buccini/Pollin Group for $61.5 million, or about $201 per square foot. Metzler sold the property on behalf of its sponsored fund, Metzler US Real Estate Fund, which represents German institutional investors. Cassidy Turley served as the listing broker and represented Metzler in the sale of the property.
The three-building, 305,000-square-foot corporate-style office campus was originally developed by Trammel Crow in 1990 according to a Philadelphia Inquirer article. The campus's buildings at 200, 300 and 400 Bellevue Parkway were 88% occupied when Metzler acquired them in 2005.
"Our team's disciplined approach to investment and asset management led to the successful sale of this asset," said Don Wise, president and CEO of Metzler Real Estate. "By securing long-term leases with credit-worthy national tenants, we stabilized project occupancy at 98% in a competitive market characterized by 88% occupancy."
"The acquisition of the Bellevue Park Corporate Center further cements our commitment to the State of Delaware and the Greater Philadelphia office market," said Christopher Buccini, Co-President of the Buccini/Pollin Group. "We are very focused on owning best-in-class assets whether they are in the office, hotel, residential or entertainment sector. With so many world class corporations calling Bellevue home, this is an extraordinary addition to our portfolio."
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