The board of Great Valley School District has authorized the $7.5 million purchase of an office building in Malvern, adjacent to the existing high school campus, writes Ryan Mulligan for the Philadelphia Business Journal.
Known as the Westbrook Corporate Center, the nearly 190,000-square-foot building sits on 21.9 acres at 41 Moores Road.
The price is a steep discount of 85 percent when compared to the $49.65 million the current owner paid for the property in 2013. The building is owned by an entity tied to Orion Properties, based in Phoenix.
The three-story structure was constructed in 1998 and is located between Route 202 and I-76, at the corner of Moores and Conestoga roads. The building has been available for lease for nearly six years. Teva Pharmaceuticals, Trammell Crow Company, and Community First Financial are among its previous tenants.
Before finalizing the purchase, the school district plans on carrying out due diligence on the property, intended to help guide future development decisions.
“The property’s proximity to our secondary campus provides invaluable flexibility to address future needs, including growth in student enrollment and opportunities for program expansion,” said Superintendent Daniel Goffredo.
Read more about the purchase of Westbrook Corporate Center by GVSD in the Philadelphia Business Journal.
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