A partnership between 90 North Real Estate Partners, a London-based real estate investment firm, and Arzan Wealth of Dubai have purchased Saint-Gobain SA's North American headquarters near Philadelphia for $127 million. The seller was a consortium including E. Kahn Development Corp and J. Loew & Associates; full terms of the deal were not disclosed. The sellers were represented by Brian Fiumara, senior vice president of CBRE in Philadelphia, and Jim Vesey, president of Vesey Capital.
"This acquisition truly reflects and embraces our definition of 'trophy' credit," said Daniel Cooper, head of 90 North's operations in North America. "We know the [market] sentiment is fragile,but investors want the income generation they can't get from other investments and they want something with capital preservation."
Saint-Gobain, which was founded 350 years ago to manufacture glass for the Hall of Mirrors at the Palace of Versailles in Paris, signed a 15-year lease for the entire 320,000-square- foot office facility on the campus, which includes a pond and walking trails. The newly-constructed headquarters facility at 20 Moores Road in Malvern, Pennsylvania was opened in October 2015 after an 18-month redevelopment by Eli Kahn of E. Kahn Development Corp., J. Loew Associates and Aegon Realty Advisors. The exterior was designed by Bernardon, an architectural firm based in Kennett Square, PA, and the interior by Jacobs, a Philadelphia architectural firm.
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