Jones Lang LaSalle Americas, Inc (“JLL”), has been retained on an exclusive basis to arrange the sale of 150 S Warner Road (the “Property” or the “Offering”), a Class A, 153,870 square foot office building located in Philadelphia’s premier live-work-play market of King of Prussia, Pennsylvania. 150 S Warner Road underwent a best-in-class modernization program totaling $3.4 million, turning the Offering into one of the premier office destinations in Greater Philadelphia’s most desirable location.
The Property is 84% leased with a WALT of just over 5 years, providing qualified investors an opportunity to acquire one of the highest quality office buildings with a long-term anchor tenant and value-add upside in Greater Philadelphia. 150 S Warner Road offers strong in-place cashflow from a diverse set of tenants including anchor tenants Truist and CliftonLarsonAllen. Credit tenants, Truist (A3: Moody’s) and CliftonLarsonAllen, occupy 24% and 26% of the building, respectively.
LIVE-WORK-PLAY ENVIRONMENT WITH ACCESS TO TOP-TIER REGIONAL AMENITIES
- The demand for “Live, Work, Play” mixed-use space has redefined the utilization of suburban edge cities like King of Prussia. King of Prussia has transformed into one of the nation’s most desirable submarkets with extensive residential developments, retail expansions, and employment growth.
KING OF PRUSSIA’S SUPERIOR PANDEMIC RESILIENCY
- Since the pandemic began, 94 lease deals have been executed in the King of Prussia submarket alone, more than double the amount of leasing activity when compared to other suburban submarkets.
- The Property presents a clear path to value-add returns through the execution of a subsequent lease-up strategy aimed to position 150 S Warner Road as a premier, class A office building. 150 S Warner Road is currently 16% vacant with 53% of the total RSF rolling over within the first 3 years of a new buyer’s hold period. The Property provides investors the opportunity to create substantial value through a well-executed lease-up program, capitalizing on the tightening King of Prussia submarket.
- The Offering provides tenants with an exceptional amenity package. 150 S Warner Road benefits from a recently re-imagined $1.2M amenity center with a superior self-contained set of amenities. Amenities include conferencing space, lounges, locker rooms and showers, a full kitchen and eating area as well as a grab-and-go café. $2.2M has also been invested in renovations since 2013 to upgrade the exterior façade, common areas and corridors, and modernize the building entry.