Suburban Philly sale is biggest of the year.

PHILADELPHIA, PA: In one of the largest commercial real estate transactions in suburban Philadelphia in the past year, GPX Realty Partners, L.P. announced that ithas acquired The Woods Office Center ("The Woods").

The Woods consists of 17 buildings with a total of 570,000 square feet of office space, and is located on 77 acres in Chester and Montgomery Counties.

Under the terms of the deal, GPX Realty Partners, a private real estate investment and advisory firm, agreed to pay $60 million in cash for the portfolio, which was built by private investor and developer, Bruce Buck.

GPX also announced it will invest $9 million in leasehold and infrastructure improvements to the property. "Strategically located off the King of Prussia and Plymouth Meeting Exits of the Pennsylvania Turnpike, The Woods offers exceptional accessibility for small office tenants, near vibrant employment hubs, as well as the lifestyle and residential draws of Philadelphia's Main Line," said Thomas J. Gravina, Executive Chairman and Co-Founder of GPX Realty Partners.

"Bruce Buck and his team have done an admirable job of developing and managing the property for many years. For him and his team, this was the right time and the right opportunity to exit the property."

Joseph S. Conwell, managing director of GPX Realty Partners, said "The Woods represents an excellent example of the GPX acquisition model, namely identifying off-market opportunities, engaging owners in sincere and fair negotiations, and closing deals quickly."

Bruce Buck of Woods Management said, "GPX made it clear that they are real buyers with significant financial resources, who conduct themselves in a professional manner.

"They constructed a fair offer and stood by it. I am confident they will show the same qualities and skill when dealing with tenants and improving the property over time."

Merrill Lynch, one of the world's leading financial management and advisory companies, participated as an investor in the deal.