Arborcrest Corporate Campus Sold for $143M

Columbia, Maryland-based Corporate Office Properties Trust (COPT) announced that it completed the sale of the Arborcrest Corporate Campus in Plymouth Meeting, Pennsylvania, for $143 million. The four-building office project was sold to San Francisco-based Spear Street Capital in a deal brokered by JLL. Terms of the deal were not disclosed, but Spear Street Capital said it has retained JLL to continue both leasing and property management.

"We are looking for distinctive properties with proven appeal to a broad array of tenants. In addition, we are drawn to situations with substantial value creation opportunities either through new leasing or additional development. Arborcrest has an impressive roster of existing tenants but also has the capacity for significant new development," John Grassi, CEO of Spear Street Capital, told CPE.

Located at 751, 721 and 731 Arbor Way, Arborcrest Corporate Campus is a sprawling property that was once solely occupied by Unisys; in 1997, Corporate Office Properties Trust entered into a sale-leaseback deal with the company. Since then, COPT has invested nearly $100 million into repositioning the property and creating a campus for multiple tenants. The campus consists of four operating properties totaling 654,000 square feet that are 100% leased, plus 785 Jolly Road, an approximate 190,000 square foot redevelopment opportunity, and 27 acres of additional land.

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