E. Kahn Development buys vacant KoP building for $24M
May 11, 2021
Source, Philadelphia Business Journal, Natalie Kostelni
E. Kahn Development has paid $24 million for 760 Moore Road, a vacant, 260,000-square-foot building in King of Prussia.
The seller was BNY Mellon, which had used the building as an operations center for nearly two decades. The bank had determined it no longer needed the space, considering it as excess real estate and decided to sell, according to people familiar with the matter. A representative from the financial institution couldn’t be reach for comment.
The building last traded in 2002. That’s when O’Neill Properties Group sold it for $27.9 million to PFPC Inc., a division of PNC Financial Services Group that later came under the purview of BNY Mellon. At the time, ITT Educational Services opened a computer and technology college in 30,260 square feet of the building and PFPC also occupied the remainder of the space.