The three-story Radnor Court office building at 259 N. Radnor Chester Road in Wayne has sold for just over $36 million, writes, Paul Schwedelson for Philadelphia Business Journal.
The 127,000 square-foot building, owned by New York-based investment bank Goldman Sachs sold it to Florida-based mortgage lender Freedom Mortgage.
The sales price equals about $285 per square foot.
“This bodes well for high-quality, well-located office buildings even in what we all recognize is a challenged office environment,” said Doug Rodio of CBRE, one of the Goldman Sacs representatives in the Radnor Court sale.
Goldman Sachs bought Radnor Court in 2014 from Equus Capital Partners for $43.7 million.
Freedom Mortgage is one of the one of the nation’s largest non-bank mortgage lenders. It declined comment on the sale.
Radnor Court is 82 percent leased with average leases of 8.6 years.
The building is the corporate headquarters for Airgas, which recently extended its lease for 10 years. It leases 86,000 square feet.
Professional services firm Aon is also a tenant, leasing 9,000 square feet.
The office building is located on the northwest corner of I-476 and Lancaster Avenue between Radnor High School and a SEPTA Regional Rail stop.
Find out more about how the Main Line submarkets are doing in the Philadelphia Business Journal.
