Welcome to King of Prussia THE HOTTEST ZIP CODE SHOWS NO SIGNS OF COOLING DOWN
King of Prussia Town Center
2
King of Prussia District
Future 110K SF HQ of HTH Worldwide, developed by Brandywine Realty Trust
“It’s an exciting time to be in King of Prussia.” — Eric Goldstein, King of Prussia District Executive Director
Indigo 301, new luxury apartments in The Village at Valley Forge
Advertising supplement to Philadelphia Business Journal
King of Prussia Mall expansion
At a Glance: King of Prussia For those who have made King of Prussia (KOP) their home or office location in the past, the growth of this regional powerhouse comes as no surprise. As a continual force in the Philadelphia region for more than 50 years, KOP serves as Montgomery County’s economic engine. KOP is, after all, home to the largest concentration of: employment (60,000+); retail (6.9M SF); industrial/flex (9.2M SF); and commercial office (7.65M SF) space in the suburban Philadelphia region. KOP benefits from its easy, accessible location at the confluence of some of SE Pennsylvania’s most traveled highways (276, 76, 202, 422 and 23).
Valley Forge Casino Resort
Advertising supplement to Philadelphia Business Journal
King o f Prussia District
“There is a new energy in the air, investor confidence has never been stronger and there is undeniable momentum.” — Jeff DeVuono, Brandywine Realty Trust
3
TOP REASONS Business Thrives in King of Prussia
Unprecedented Growth Hundreds of new hotel rooms. A smoldering hot restaurant scene. Thousands of new luxury apartments. Best office leasing activity in a decade. KOP is experiencing a new era of growth.
1. Momentum With over $1B in economic development projects underway, KOP is experiencing unprecedented energy and growth across multiple sectors.
Rendering of First Avenue Linear Park
There is over $1B in economic development activity currently underway. The community recently added 155,000 SF at King of Prussia Mall and is currently adding 260,000 SF of retail and dining at the King of Prussia Town Center. 1,500 luxury apartments and townhomes are under construction at The Village at Valley Forge. That’s all in addition to the 500+ new luxury apartments in the rezoned KOP business park. New commercial office construction, top-dollar transactions and solid leasing activity (< 8% Class A vacancy) point toward a strong KOP market. “It’s really exciting to see developers from out of state, from Maryland to Florida, take notice of the momentum in King of Prussia,” said Goldstein. “They recognize the opportunities available and are making significant investments in the King of Prussia market. And we welcome it!”
Continued Investment & Redevelopment King of Prussia Mall Expansion The 155,000 SF expansion gave KOP Mall more dedicated retail space than any other shopping mall in the U.S. King of Prussia Town Center The 260,000 SF outdoor shopping and dining lifestyle center offers KOP’s first pedestrian-friendly ‘main street’. DeKalb Pike Redevelopment KOP’s main thorofare is being transformed thanks to redevelopment projects from Henderson Road to Gulph Road. King of Prussia Business Park Redevelopment In September 2014, UMT Supervisors adopted an ordinance to permit mixed-use development in the KOP business park. This
action has spurred new interest and exciting development projects. Demand Drives Large 2016 Real Estate Transactions • 150 S. Warner Road | Purchased in 2012 for $11M, the once 44% occupied building was recently sold for $28M, at 100% occupancy.
2. Location A safe and clean community, with good schools, low taxes and access to jobs makes KOP a great location.
• 151 S. Warner Road | At 90,000 SF, the Class A office building was purchased for $27M or $300/SF. • 455 S. Gulph Road | Universal Health Services purchased the 132,089 SF property for $37.7M or $285/SF to establish a future corporate campus. • 1170-1190 Devon Park Drive | Following a $2.5M renovation in 2013, the complex sold for over $60M or $254/SF.
The Organization Moving KOP Forward Thanks to the efforts of numerous commercial property owners and Upper Merion Township (UMT) officials, a strategy was put in place to revive the fortune of KOP and establish a long-term plan for the future. The plan centered on improving multi-modal transportation options, including the expansion of the Norristown High Speed Line, revising outdated zoning codes, improving the aesthetics of the community, improving marketing and communication efforts, and repositioning the community in the face of changing demographic preferences. The King of Prussia District (KOP-BID) emerged from that plan. Through KOP-BID, UMT and KOP commercial property owners are able to systematically reinvigorate the Township through a common strategic vision viewed favorably by investors, developers, retailers and residents alike.
3. Connections King of Prussia District creates an environment of success, connecting businesses with a culture of growth and pioneering transformative initiatives to pave the way for better business.
Explore visitKOP.com to learn about exciting new developments and events in King of Prussia.
TOP TEN REASONS Business Thrives in KOP
visitKOP.com/TopTen
4
King of Prussia District
Advertising supplement to Philadelphia Business Journal
Advertising supplement to Philadelphia Business Journal
King o f Prussia District
5
An award-winning company in a dynamic market 630 Freedom Business Center
BrandywineRealtyTrust Proud to own, develop, lease and operate over a million SF in the thriving King of Prussia market
First Avenue Linear Park - Collaboration with KOP BID and Upper Merion Twp
933 First Avenue - 100% Leased Delivering Q2 2017
BrandywineRealtyTrust | 555 E Lancaster Avenue | Radnor, PA 19087 | (610) 325-5600 | www.brandywinerealty.com
10x6-25 PBJ Ad KOP 20161025.indd 7
10/27/2016 4:20:45 PM
indulge. explore. stay over
cravemontco.com DESTINATION
DESTINATION
6
King of Prussia District
Advertising supplement to Philadelphia Business Journal
WELCOME
TO
THE
VALLEY FORGE SHOPPING
CENTER
Advertising supplement to Philadelphia Business Journal
King o f Prussia District
7
8
King of Prussia District
Advertising supplement to Philadelphia Business Journal
OUR EDGE. YOUR SUCCESS.
King of Prussia District helps ambitions thrive in a community defined by growth and driven by a clear vision of prosperity. We create economic momentum by championing transformative initiatives with relentless dedication. Itâ&#x20AC;&#x2122;s our privilege to make it easy to imagine bringing your business to King of Prussia. Explore visitKOP.com and take your first step toward a brighter future.
visitKOP.com
King of Prussia District 234 Mall Boulevard, Suite 150 King of Prussia, PA 19406