Following its purchase of King of Prussia Town Center for $183 million, CBRE Global Investors is focusing on filling the remaining vacant space with tenants who will complement the overall consumer experience, writes Natalie Kostelni for Philadelphia Business Journal.
This process has been made easier as its popularity means that potential tenants are lining up at the door. This is allowing CBRE to be highly selective when deciding who will fill the remaining 13 percent of space in the 263,423-square-foot center.
The “interest level is very high,” said Jeff Felder, senior director of CBRE Global Investors. “That gave us a lot of comfort in the ability to fill that vacant space going forward.”
A significant part of this remaining space is the 12,000-square-foot building along the center’s Main Street that was intentionally left vacant by the developer, JGB Cos. Options include leasing the entire building to a single tenant or breaking up the space and leasing to multiple tenants.
“That’s a building where we will have no problem filling,” said Felder, adding that CBRE has put a lot of time into that building as it wants to be “careful and thoughtful about how we program it.”
Read more about CBRE’s plans at Philadelphia Business Journal by clicking here.