Case Study :: Prudential Financial – Horsham

Property: Prudential Financial 250 Gibraltar Road Horsham, Pennsylvania Assignment: – Disposition of vacant 203,000 square foot, single tenant office building – Prepare Highest and Best Use Evaluation Report – Implement an exclusive web based marketing program

Challenges:
– Difficult layout to convert to a multi-tenanted building
– Weak overall office user demand (i.e. sustainability of value)

Conclusion:
– After completing a comprehensive investor offering, a user buyer was secured at a 25% premium to investor offers for a sale price of $80 psf or $16.4 million
– Developed back-up buyers with similar deal terms
– Transaction closed in 120 days from commencement of marketing