April 22, 2002

It's Pastoral Setting Proved Irresistible
By Natalie Kostelni

AMC Delancey Group, Inc. has acquired the Cedar Run Corporate Center in King of Prussia for $4.0 million.

The corporate center at 901 E. 8th Avenue consists of a single, 60,000-square-foot building that was constructed on 7 acres in the early 1970’s as the headquarters for C.E. Minerals, Inc. The company, which makes specialized coating for glass and owns mines, now just occupies about 12,000 square feet, said Michael Wachs, Vice President at AMC Delancey.

C.E. Minerals was bought several years ago by Paris-based Imerys, a company that manufactures building materials.

AMC Delancey bought the property from C.E. Minerals and believes that the purchase will end up being a smart one despite the battering taken by the King of Prussia office market of late. The sub-market has a vacancy rate of 20.7 percent and about 700,000 square feet of sublease space available, according to Cushman & Wakefield data.

“Our view is that there are still opportunities and this happens to be a unique opportunity,” Wachs said.

The building is distinct from nearby office properties in that it was constructed with cedar and an abundance of glass and long, vertical windows. It also sits in a wooded setting. “It looks more like California,” Wachs said. “It’s a pastoral setting.”

AMC Delancey plans to spend about $2 million renovating the property and bringing up to Class A status..

NAI Geis Realty is handling the leasing.

Natalie Kostelni can be reached at nkostelni@bizjournals.com or 215-238-5139.