Cohen Equities Acquires King of Prussia Office Building
King of Prussia, Pennsylvania– May 12th, 2016– Cohen Equities announced today that it has acquired Oak Hill Plaza, a four-story, 165,000 square foot Class-B office building at 200 N. Warner Road in King of Prussia, PA.
Oak Hill Plaza was built in 1988 and is located in an amenity dense corridor at the highly trafficked intersection of I-76 and the Pennsylvania turnpike. The asset’s location provides direct access to employees living in downtown Philadelphia, the “Main Line.” Oak Hill Plaza’s neighbors include Walmart Supercenter and Wegman’s Grocery Store, with The King of Prussia Mall immediately North. A master-planned, mixed use complex adjacent to Oak Hill Plaza known as the King of Prussia Town Center is currently being developed by JBG Companies.
“I’ve been impressed by the stability of King of Prussia’s office rents and vacancy rates through various real estate cycles,” said Meir Cohen, Chairman and CEO of Cohen Equities. “This is a great opportunity for us to strategically invest to create truly valuable office space in an increasingly sought after location.” The dynamic submarket has attracted high investment volume over the last few years and Cohen Equities anticipates continued growth.
The acquisition of Oak Hill Plaza is well in line with Cohen Equities’ renewed focus on the office sector, one of several office transactions the company has closed in recent months. Cohen Equities has demonstrated an affinity for targeting well-located, under-performing assets and bringing value through strategic capital improvements and aggressive asset management.
About Cohen Equities
Cohen Equities is a national real estate investment firm that pursues commercial assets that present an opportunity to add value in both secondary and gateway markets. The company has successfully invested in and improved more than 9 million square feet of real estate across the United States. Led by Meir Cohen, a real estate veteran with more than 30 years of experience, Cohen Equities creates significant value through active management, leasing and repositioning activities. For more about Cohen Equities, please visit cohenequities.com.