Jack Lingo Asset Management, a Rehoboth Beach-based real estate company, has entered the Philadelphia office market with the acquisition of the King of Prussia headquarters of software firm Qlik for $25.8 million, writes Natalie Kostelni for the Philadelphia Business Journal.

The company has decided to take advantage of the increased opportunities in the market resulting from the prevalence of remote work during the pandemic.

“Office has become an out-of-favor asset,” said Doug Motley, a principal at Jack Lingo Asset Management.

The company is specifically targeting acquisitions in the range of between $40 million and $50 million and plans to hold the purchased properties for the long term.

The decision to buy the 102,204-square-foot office building at 211 South Gulph Road was an easy one as the property has multiple tenants and is perfectly positioned.

“King of Prussia is one of Philadelphia’s hottest submarkets,” said Motley.

The property is also stable, since Qlik already signed a 10-year lease on 62,000 square feet in early 2018.

The building was sold by Roseview Group of Boston, which acquired the property six years ago for $21 million.

Read more about the software firm sale in the Philadelphia Business Journal.