KBS Realty Advisors of Newport Beach, CA announced this week that it had purchased 1000 Continental in the King of Prussia submarket of Philadelphia for $63 million. KBS bought the 205,424-square-foot building from Equus Capital Partners Ltd. of Philadelphia. Jim Vesey, Doug Rodio, Jim Galbally, and John Plower of Jones Lang LaSalle represented the seller in the transaction, while KBS handled the sale in-house.
"1000 Continental's amenity base and location possess a number of urbanization trend qualities that we look for in office investments," said Shannon Hill, KBS senior vice president. "The asset's status as a LEED Silver-certified building also makes it the most efficiently run building in its competitive set."
At the time of the sale, the building was 99% occupied, with major tenants including Northwestern Mutual, Farmers Insurance, Nationwide Life Insurance, and The Hartford Financial Services Group. The seller, through its BPG Development Company LP, developed the asset on-spec, according to a CoStar report. "The sale of 1000 Continental represents the culmination of a successful development project that was delivered during one of the worst economic recessions in our history and highlights the value of delivering a top tier asset designed to meet today's demanding tenant requirements," commented Stephen Spaeder, senior vice president of Equus.
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