Apex - Ft. Washington

Office
Price:
Address:600-602 Office Center Drive
City:Fort Washington
State:PA
Zip:19034
Website:apex-fw.com
MLS:
Property Area:400,000 SF
Class:A
Year Built:1988
Year Acquired:2014
Year Sold:N/A
Opportunity:Purchased from loan servicer who foreclosed on prior owner. Repositioning project.

 

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Apex (600, 601 and 602 Office Center Drive, Ft. Washington, PA) is a 3-building campus containing approximately 400,000 square feet of Class A office space, situated on a 30 acre site. The 3-story buildings provide large efficient floorplates, 9’0″ finished ceiling heights, and continuous ribbon glass windows. Kairos is repositioning Apex to include best-in-market amenities, including: the full-service Apex Cafe, with outdoor dining terrace; Apex Fitness Center, with state-of-the-art equipment, lockers and showers; and, the 7,500 square foot Apex Conference and Training Center, which will be able to accommodate groups ranging from 12 to 200 people for meetings and seminars. Apex also provides a 5.3 per 1,000 SF parking ratio, including two covered parking decks.

Acquired in a JV with Artemis Real Estate Partners, Apex consists of three 3-story, 1988 vintage, Class A office buildings, located in Ft. Washington, PA, a suburb of Philadelphia.

INVESTMENT RATIONALE

Increase property NOI through a $4.5 MM capital project, repositioning, and re-leasing of the neglected property.

Purchased property at a steep discount from loan servicer, who had acquired title from the former owner.

Apex offers large blocks of Class A office space and efficient floorplates. The property has unparalleled access to the entire Philadelphia metro region via its location less than 0.2 miles from the Virginia Drive slip ramp of the Pennsylvania Turnpike.

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