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Tax-Deferred Exchange

1247 Ward Avenue
West Chester, PA
27,000 square foot office

Located in the Brandywine Business Park, abutting the Brandywine Airport, 1247 Ward Avenue is a 27,000 SF Class A building that was bought from developer Prentiss Properties (who merged into Brandywine Property Trust in 2006) by the principals of national engineering and construction firm Edwards & Kelcey. When Edwards & Kelcey was acquired by Jacobs Engineering in early 2007, a legal stipulation of the merger disallowed ownership of any building, in which Jacobs Engineering was to occupy space, by any E & K principals. Charged with finding a buyer at the highest price on behalf of the Edwards & Kelcey group, we found a retail owner looking for a down leg in a 1031 exchange. When environmental reports suggested a potential hazard due to benzene (commonly found in jet fuel) runoff from the airport, successfully working with the buyer, seller, PA-DEP and third parties was paramount to consummating a successful transaction.

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