Vero A2R Sells The Forge in King of Prussia
Investment manager executed a substantial renovation and increased occupancy and rents.
DALLAS, February 07, 2023--(BUSINESS WIRE)--Vero A2R, the Dallas-based office investment platform of Vero Capital (formerly Admiral Capital), announced today the sale of The Forge, a 160,000-square-foot Class A office campus in the King of Prussia submarket of Philadelphia, Pennsylvania to an undisclosed buyer.
Vero A2R acquired the campus in 2019 and executed a comprehensive renovation, creating a top-quality suburban office experience. The building exteriors were reimagined, lobbies fully renovated, conference facilities expanded, and a tenant lounge was added. During Vero A2R’s ownership, occupancy was increased to 93 percent and new-lease rents increased over 15 percent, largely driven by the property’s renovation.
"I’m proud of the efforts our team made to improve these buildings and enhance the tenant experience while delivering excellent investment returns to our investors," said Andy Stone, managing partner of Vero A2R.
Jim Dugan and Tucker McBride of Newmark Real Estate (Newmark) provided leasing services to Vero A2R. Newmark also provided property management services and Dave Dolan, Mike Margolis, Angelo Brutico and John Cook of Newmark managed the investment sale.
About Vero Capital
Vero Capital, originally founded as Admiral Capital Group in 2008 before its recent rebranding, is poised to deliver long-term value to its investors and positively impact the communities where the company invests. Since inception, the company has acquired over $3 billion of real estate assets and has invested in strategic private equity opportunities that benefit from the firm’s established relationships and competitive advantages. Vero has grown into a vertically integrated investor in focused strategies, while the Admiral partnership continues to support social impact investing. Vero’s established history of utilizing research and local market knowledge to identify relative value across asset classes and investing early in evolving themes and markets have resulted in a strong track record and long-term relationships with its investors. Visit our website verocapital.com for more information.
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