KING OF PRUSSIA, PA — Affiliates of Harbor Group International LLC have acquired a 100,820-square-foot office building in King of Prussia that serves as the headquarters of UGI Corp., expanding the firm’s portfolio of single-tenant office investments backed by long-term leases.
Financial terms of the transaction for 500 North Gulph Road were not disclosed.
The five-story Class A office building is fully leased to UGI, with approximately 12 years remaining on the tenant’s lease, providing Harbor Group with long-term occupancy at a time when many office investors continue to favor stabilized assets over properties requiring significant leasing activity.
Mike Nathan, Harbor Group’s chief investment officer for office investments, said the property’s long-duration lease and corporate tenancy aligned with the firm’s acquisition strategy.
“The combination of a long-term corporate tenant, long-duration lease and exceptional building quality and location within King of Prussia makes this purchase a valuable addition to our portfolio,” Nathan said.
Originally constructed in 1979, the building underwent a major redevelopment in 2018 that included a new glass façade, upgraded building systems, renovated amenity spaces and improvements to parking and site infrastructure.
The property sits adjacent to the Pennsylvania Turnpike interchange with direct access to Interstates 76 and 276 and Routes 202 and 422. It is also located near the King of Prussia Town Center and King of Prussia Mall.
CBRE’s Investment Sales and Capital Markets teams in Philadelphia represented the transaction.
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