Friday, February 23, 2007

Toll Brothers HQ Near Philadelphia Sold for $44 Million

Philadelphia Business Journal - February 21, 2007:

The office building where Toll Brothers Inc. makes its headquarters has changed hands. Compson Holding Corp. sold the 203,000-square-foot, suburban Philadelphia building to an undisclosed Atlanta-based private investor for $43.95 million, said Michael Comparato of Compson.

Compson of Boca Raton, Fla., bought the building at 250 Gibralter Road in Horsham, Pa., in October 2004 for $38 million. Toll, a luxury homebuilder, occupies the entire building and has a lease through October 2019 with an option to extend it another 15 years. Toll initially bought the building in early 2004, gutting and totally renovating it, and relocated its headquarters from nearby Huntingdon Valley, Pa.

For Compson, a private family company, it was time to sell. "When the price is right, the price is right," Comparato said. Sphere: Related Content

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