GPX acquired this Class A medical office building at a distressed asset auction sale in 2017. At the time of the acquisition the building was 54% leased and had been operated as a “zombie building” by a CMBS special servicer for the previous four years. Built in 2004, the building was young, aesthetically appealing, and extremely well designed and constructed.
The timing of the acquisition was very opportunistic as King of Prussia was undergoing a renaissance re-establishing it as the “heart” of both commercial and residential new development in the Philadelphia region. GPX immediately committed to converting the building to a 100% medical/healthcare building to take advantage of the more entrenched nature of medical tenants in office buildings.
Gulph Crossing is a 3-story, 48,245 SF office/medical building located in the heart of King of Prussia, just ½ mile from the King of Prussia mall and the dynamic new Village at Valley Forge town center development. The new town center features the most comprehensive set of amenities ever seen in the Philadelphia region including top restaurants (Davios, Paladar, Fogo de Chao, Ruth’s Chris Steakhouse, HoneyGrow), Lifetime Fitness, Children’s Hospital of Philadelphia, Wegmans and Walmart. The property has immediate access to the region’s main highways including the PA Turnpike (I-276), the Schuylkill Expressway (I-76), Rt. 202 and Rt. 422. The property has abundant 4.2/1000 SF parking including a covered patient drop-off area and is professionally managed by GPX.