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Commercial real estate advisory firm Newmark Grubb Knight Frank (NGKF) represented KBS Real Estate Investment Trust, Inc. (KBS REIT I), which is externally advised by KBS Capital Advisors, in a 38,000-square-foot, long-term lease at 550 Blair Mill Road, Horsham, Penn. NGKF’s Jeff Mack, Adam Shute and Mike Maloney successfully negotiated the transaction between KBS REIT I and its new tenant, ImpactRx®, Inc., a Symphony Technology Group (STG) company, which will relocate its headquarters to the property.
ImpactRx, Inc. will be moving from its current Horsham address, 220 Gibraltar Road, upon completion of the build out of its new space.
“We are making significant capital improvements to the building, including HVAC and roof upgrades,” remarked Jarrett Wells, senior vice president for Gramercy Property Trust, which acted as the asset manager for KBS REIT I in the transaction, “and we are excited to have ImpactRx as our newest tenant.”
“With its new improvements and competitive asking rents, 550 Blair Mill Road is well positioned to accommodate a broad spectrum of users and competes favorably with assets in multiple suburban Philadelphia office submarkets,” said Mr. Mack. “Ownership’s efforts to upgrade the property will draw others, like ImpactRX, who are looking for quality, value, and hands-on management.”
The one-story, 97,000-square-foot office building has a beautiful courtyard setting with an excellent window line that allows for more natural light and a very comfortable work environment. It is convenient to the Pennsylvania Business Campus in Horsham’s office district and is easily accessible via the Route 611 Interchange and Virginia Drive “slip ramp” off the Pennsylvania Turnpike.
Scott Mill and Rija Beares of CBRE represented the tenant.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.
About KBS Capital Advisors
KBS Capital Advisors, KBS REIT I’s external advisor, is an affiliate of KBS Realty Advisors, a private equity real estate company. KBS Capital Advisors and KBS Realty Advisors are registered investment advisers with the SEC. Since inception of the first KBS investment advisor, KBS and its affiliated companies have completed transactional activity in excess of $30 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbscapital.com.
About Gramercy Property Trust Inc.
Gramercy Property Trust Inc. is a self-managed, integrated commercial real estate investment and asset management company. The Company owns, directly or in joint ventures, 112 buildings totaling approximately 4.2 million square feet of office and 1.5 million square feet of industrial, net leased on a long-term basis to tenants, including Bank of America, Nestlé Waters, Philips Electronics and others. The Company’s property management business, operating under the name Gramercy Asset Management, currently manages for third-parties, approximately $1.7 billion of commercial properties leased primarily to regulated financial institutions and affiliated users throughout the United States. The Company is headquartered in New York City and has regional offices in Jenkintown, Pennsylvania, and St. Louis, Missouri. To review the Company’s latest news releases and other corporate documents, please visit the Company’s website at www.gptreit.com or contact Investor Relations at 212-297-1000.