Malvern-based E. Kahn Development has purchased a vacant, 260,000-square-foot building in King of Prussia from BNY Mellon for $24 million, writes Natalie Kostelni for the Philadelphia Business Journal.
The bank used the building at 760 Moore Road as an operations center for almost 20 years. After deciding that it no longer needs the space, the bank listed it for sale.
The building last traded 19 years ago, when PFPC, a division of PNC Financial Services Group that later became a part of BNY Mellon, purchased it from O’Neill Properties Group for $27.9 million. At the time, ITT Educational Services operated a computer and technology college in 30,260 square feet of the building. PFPC occupied the rest of the space.
O’Neill acquired the building in 2000 when it was a vacant warehouse. The developer then converted the property into office space.
The building sits on a 25-acre lot. Its premium location — and its flexibility as a single-story structure — provides great flexibility to the new owner. Options include use as life science space or restoration to its original warehouse form.
Read more about E. Kahn Development in the Philadelphia Business Journal.