A King of Prussia office building with Qlik as its anchor tenant has been put up for sale, breaking the dearth of commercial real estate on the market during the pandemic, writes Natalie Kostelni for the Philadelphia Business Journal.
The 211 South Gulph Road property covers 102,204 square feet.
Two years ago, Qlik signed a 10-year deal for 62,000 square feet of the building. The remainder is occupied by several other tenants, such as Academic Urology, Cortiva Institute, and Regulatory DataCorp.
“During COVID, these single-story buildings with private entrances and being able to control your own space is what tenants like these days,” said Mike Margolis of brokerage Newmark Knight Frank, which has the listing.
The last time the King of Prussia property traded hands was five years ago when Roseview-PMRG Fund I – a $250 million money pool formed by PM Realty Group and the Roseview Group – paid $21 million for it.
“We believe more stable assets like these will be more accepted,” said Margolis. “There are people who say they are here and want to buy.”
Read more about the building in the Philadelphia Business Journal by clicking here.
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