Aug
08
COPT Sells 137-Acre Philly-Area Office Campus
ByThe Class A redevelopment comprises four buildings that are 100 percent leased.
Hillcrest III at the Arborcrest Corporate Campus, Plymouth Meeting, Pa.
Philadelphia—Corporate Office Properties Trust, of Columbia, Md., has completed the sale of Arborcrest Corporate Campus, its Class A redevelopment office park in Plymouth Meeting, Pa., for $143 million.
The buyer was Spear Street Capital, of New York and San Francisco, JLL’s Mike Morrone, managing director, and Patrick Gallagher, senior VP, told Commercial Property Executive.
The campus comprises four office buildings that are 100 percent leased and total 654,000 square feet; plus the building at 785 Jolly Road, an approximately 190,000-square-foot “redevelopment opportunity;” and 27 acres of additional land…
