Newmark Knight Frank (NKF) announced that it has been retained as the exclusive sales agent to market Bay Colony, a ± 250,000-square-foot, Class A, four-building office park located in one of suburban Philadelphia’s most desirable locations. The office park is 99 percent leased to a well-diversified rent roll with a weighted average lease term of nearly six years.The NKF Capital Markets Philadelphia team, including Mike Margolis, Dave Dolan and Dave Garonzik,as well as local market experts Jeff Mack and Adam Shute, will be marketing the building.
The Swedesford Road Class A office market has been one of the highest performing corridors in the entire suburban Philadelphia area. The proximity to an abundant amenity base, unique and favorable tax structure, excellent vehicular access to four of the most traversed thoroughfares in the Philadelphia region, and one of the highest concentrations of wealth and talent in the Philadelphia MSA has fueled great demand for modern office space.
After being acquired in 2015, Bay Colony went through an extensive repositioning strategy. Current ownership has pumped more than $9.7 million to date into the office park, turning Bay Colony into one of the most notable office parks in all of suburban Philadelphia. As a result of the modernization and repositioning project, rents currently being achieved are on average 30 percent higher than rental rates pre-repositioning, with the most recent leases signed at a starting rent of $30 per square foot, plus electric.
Margolis stated, “This asset checks all the boxes: stable rent roll with term, great location, access to the best amenities in the suburbs, trophy quality renovation and embedded upside, with 68 percent of the tenants at below-market rates.”
About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF's 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NKF's strong foundation makes it one of the most trusted names in commercial real estate. NKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services, and capital markets services provided through its NKF Capital Markets brand. For further information, visit www.ngkf.com.
NKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.