Office Asset Trades for $196 Per SF

WYNNEWOOD, PA-BPG Properties Ltd. has sold the office property at 308 E. Lancaster Ave. for $9.8 million, or $196 per sf, to a Philadelphia-based real estate firm identified only by the building’s address. The building is currently 87% leased, but the new owner plans to relocate its headquarters into approximately half of the building, Robert Cook, VP of BPG, tells GlobeSt.com.

Davin Lamm and Jim Wilson of Ardmore-based Mahoney Realty Group represented the seller, and the buyer was represented in house. The building is located within two miles of City Line Avenue with easy access to I-76 and one mile from the Septa regional rail station.

BPG is the real estate investment manager for Philadelphia-based Berwind Property Group and other institutional investors. Cook says his company “made significant capital improvements, including HVAC and renovations to the first-floor lobby and common areas.” The building was built in 1956, renovated in 1993 and again in 2005.