TEI Pays $11.4M for Philadelphia-Area Office Park Properties

NEW YORK—Time Equities Inc. (TEI) has acquired Northbrook Corporate Center located at 900 and 1210 Northbrook Drive, a 161,170-sq.-ft. office park in Trevose, Pa. for $11.4 million.

Located in the Philadelphia submarket, Northbrook Corporate Center contains class A office space.

The first building, 900 Northbrook, is a 66,690-sq.-ft., three-story building, while 1210 Northbrook contains 94,480 sq. ft. spanning four stories. Both properties have completed capital improvement projects. TEI plans to continue renovations with updates to the lobbies and common areas.

“Northbrook Corporate Center is a great opportunity for us to expand our presence in the submarkets of Philadelphia,” said Aaron Medeiros, director of acquisitions at TEI. “By acquiring the assets all-cash, we have the flexibility to aggressively market space in order to stabilize the assets.”

Northbrook Corporate Center offers office space ranging from 1,200 sq. ft. t to 20,000 sq. ft.

The brokerage team of Brian Smyth and Dennis Durkin of CBRE will oversee leasing for the property.

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