CBRE brokers sale of King of Prussia offices for $30m to Zamir Equities

CBRE Group has arranged the sale of the Class A Triad office building in King of Prussia, Pennsylvania to Zamir Equities in a $30.2 million deal. The four-story, 184,118 square-foot property, located at 2200 Renaissance Blvd., changed hands for just under $165 per sqf. Built in 1985, the asset underwent extensive renovations in 2014, including the addition of a café, conference center and a state-of-the-art fitness center. The building was 96 percent leased at the time of the sale with tenants including Liberty Mutual Insurance Co., ASI Business Solutions and Telerx Marketing. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE Capital Markets’ Institutional Properties team represented the seller, Kairos Real Estate Partners, LLC during the transaction.

“Triad was pursued by a series of local and regional investors,” said Fahey. “They were attracted to the first-class renovation completed by the Kairos team, the strong tenant roster, long-term leases and durable in-place cash flow that Triad had to offer.”