Greystar's 205-Unit Bet Says King of Prussia Commercial Real Estate Is Done Waiting on Office
A government contractor's old office building at 720 Vandenburg Road is getting demolished for apartments. It's Greystar's third King of Prussia property, and the renter share there jumped from 41% to 52% in five years.
Greystar won approval to demolish the office building at 720 Vandenburg Road in King of Prussia and replace it with a six-story, 205-unit apartment complex, complete with a pool, clubhouse, and 300-space parking lot. The building's most recent tenant, government contractor Arcfield, is relocating to a renovated business park in Chesterbrook as its lease expires. Greystar's application called the existing building functionally obsolete for current office demand.
This is Greystar's third property in King of Prussia, following Indigo 301 and Skye 750, and it's landing on real demographic movement. Census data shows renters occupied 52% of homes in King of Prussia in 2023, up from 41% five years earlier, and Upper Merion Township has added more than 4,000 rental units in roughly the past eight years, most of them concentrated right here.
Losing an anchor tenant to a relocation used to mean a re-leasing opportunity in this submarket. With a national multifamily developer now on its third project in the same few blocks, the market is telling you what it wants built here: apartments.
Source: The Philadelphia Inquirer, Philadelphia Business Journal
Why it matters
A functionally obsolete office building is becoming 205 apartments instead of a re-lease target. In corridors where renter share is climbing this fast, expect more office-to-residential conversions.
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