E. Kahn Development has paid $24.5 million for 760 Moore Road, a vacant, 260,000-square-foot building in King of Prussia.
The seller was BNY Mellon, which had used the building as an operations center for nearly two decades. The bank had determined it no longer needed the space, considering it as excess real estate and decided to sell, according to people familiar with the matter. A representative from the financial institution couldn’t be reach for comment. The building last traded in 2002. That’s when O’Neill Properties Group sold it for $27.9 million to PFPC Inc., a division of PNC Financial Services Group that later came under the purview of BNY Mellon. At the time, ITT Educational Services opened a computer and technology college in 30,260 square feet of the building and PFPC also occupied the remainder of the space.
When O’Neill bought the building in 2000, it had been a vacant warehouse and the developer converted it into office space.
The building came on the market last November and attracted plenty of investor interest, according to a person familiar with the transaction. Its location and flexibility as a single-story structure give the new owner the ability to consider several potential uses including converting it into life sciences space or even reverting it back to a warehouse space. There’s strong demand by Amazon and other companies for last-mile distribution centers.
The building sits on 25 acres, providing amble parking, and is a short distance from Route 422, Route 202, Pennsylvania Turnpike and Schuylkill Expressway. The property is also located in an old office park that is seeing more mixed use development, which may also provide other opportunities. Eli Kahn of E. Kahn Development couldn’t be reached for comment.
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