Equus Capital Partners has selected Newmark Knight Frank as the exclusive sales agent to Market Bay Colony in suburban Philadelphia. The property, a four-building, 250,000 square foot Class A office park, is 99 percent leased to a well-diversified rent roll with a weighted average lease term of nearly six years.
Acquired in 2015, Bay Colony went through an extensive repositioning strategy with ownership having spent $9.7 million to modernize the asset. The NKF Capital Markets Philadelphia team, including Mike Margolis, Dave Dolan and Dave Garonzik, as well as local market experts Jeff Mack and Adam Shute, will be marketing the building. Margolis stated, “This asset checks all the boxes: stable rent roll with term, great location, access to the best amenities in the suburbs, trophy quality renovation and embedded upside, with 68 percent of the tenants at below-market rates.”
