Member News

Sole Tenant to Vacate Pennsylvania Corporate Center

According to Natalie Kostelni’s article for the Philadelphia Business Journal, software company Vertex, Inc. has signed an 11-year lease for 168,000 square feet at 2301 Renaissance Boulevard in King of Prussia, Pennsylvania.

The company will vacate its current space at Old Cassatt Road in Berwyn, Pennsylvania next summer. The property is a five-building campus that secures the $18.89 million Cassford Corporate Park loan. Kostelni reports that Vertex has been at the Cassford Corporate Park since 1987 and sold the property in 2007 for $26 million in a sale-leaseback transaction.

Vertex is the sole tenant at Cassford Corporate Park, where it leases 131,000 square feet. The June 2016 financial statements reflect a DSCR (NCF) of 1.4x at 100% occupancy. The $18.89 million note makes up 1.48% of JPMCC 2007-LD12 and is slated to mature in August 2017.

Compliments of Trepp – a member of the EACCNY