FLD Group and the Adjmi family have purchased the Plymouth Meeting Executive Campus for $65.5 million, writes Paul Schwedelson for Philadelphia Business Journal.

The price tag was significantly below initial market expectations of over $100 million. The five-building, 521,288-square-foot Class A office complex sold for $126 per square foot, a 14% price drop from its previous acquisition costs.

This acquisition follows their 2022 purchase of Bala Plaza for $185 million, but unlike Bala, there are no redevelopment plans for Plymouth Meeting Executive Campus, which is currently 77% occupied. Bobby Adjmi, principal of A&H Acquisitions, emphasized the quality, occupancy, and location as key attractions. The partnership aims to improve amenities and service without altering the existing structure.

The campus includes five office buildings near major highways and shopping destinations. Initial owners Brandywine Realty Trust originally acquired the complex for $76.3 million. 

Brandywine CEO Jerry Sweeney said of the sale: “Even if we don’t necessarily like where the price was versus our previous expectations, it’s the right financial decision for the company.” 

Brandywine plans to refocus on high-end office properties as part of its evolving strategy in response to shifting market demands.

Read more about the sale of the Plymouth Meeting Executive Campus in the Philadelphia Business Journal.