Vertex Completes $26 Million Sale Leaseback of HQ Near Philadelphia

Cityfeet / GlobeSt - August 6, 2007

The Westphal family, which owns Vertex Inc., a tax software company, has sold the company's headquarters, the Cassford Office Complex at 1041 Old Cassatt Rd., to Conshohocken-based Trinity Capital Advisors. At the close, Vertex inked a 10-year lease for the 131,000-sf, five building complex.

To fund the buy, TCA obtained a $22.5-million fixed-rate acquisition loan, arranged by Philadelphia-based BlueStone Real Estate Capital. Kris Wood, BlueStone’s managing director, secured the funding from JP Morgan. It has an 85% loan-to-cost ratio, which puts the price tag for the property at nearly $26.5 million, or just above $202 per sf.

Without disclosing the value of the Vertex lease agreement, Matthew McManus, chairman of BlueStone says that market rents in the area range between $19.50 per sf and $24 per sf. The Cassford complex was completed in 2001. Sphere: Related Content