More than three years after buying 200 N. Warner Road in King of Prussia, a partnership involving New York-based Cohen Equities and Taconic Capital sold the 165,000-square-foot office property for $37.85 million.
Pembroke Capital of Bryn Mawr bought the four-story building.
The property last traded in May 2016 when the Cohen partnership bought it for $16.3 million, according to Montgomery County property records. The building at the time was about 70% occupied and put up for auction after having been returned to the lender. It was around 65% occupied during this most recent transaction.
The seller spent $4.2 million on renovations to the four-story building including upgrading the lobby, common areas, bathrooms, replacing windows as well as adding two shared conference rooms and a grab-and-go food area.
The building had been known for years as Oak Hill Plaza but underwent a rebranding to be called by its address.
Though the occupancy wasn’t much higher than it was when the building sold in 2016, some space was released to new tenants paying higher rents and that helped to push up its value.
“This capital investment led to momentous leasing success, and rental rates increasing approximately 35% at the property,” said Newmark Knight Frank in a statement. Mike Margolis, Dave Dolan, Dave Garonzik and Jim Dugan of Newmark arranged the transaction.
In the time that the Cohen Equities partnership bought 200 N. Warner, the office submarket it sits in gained more investor and tenant attention. The Swedesford Road area in King of Prussia and Wayne has more gravitas than it did just a few years ago. It has been buoyed by the Village at Valley Forge and its King of Prussia Town Center, Life Time Fitness and the expanded King of Prussia Mall, all of which provide amenities to tenants who occupy space in the nearby office buildings.