Wednesday, October 10, 2018

Equus Acquires 300K SF Class A Malvern Office Building

by Steve Lubetkin, Globest.com
An affiliate of Equus Capital Partners has acquired 1400 Atwater Drive, a 299,809 square foot class A office building in Malvern, PA. The acquisition was made on behalf of Equus Investment Partnership XI, a targeted $350 million discretionary equity fund managed by Equus that opened for investment in July 2018.
The sale price was not disclosed. The property last changed hands in February 2013, when Chambers Street Properties acquired it from Trammell Crow Co. for $84.8 million, according to Real Capital Analytics, a proprietary research database that follows commercial real estate transactions.

“We are excited to add 1400 Atwater to our growing presence in Philadelphia’s dynamic Western Suburban marketplace,” says George Haines, vice president of Equus Capital Partners who, along with Tim Feron and Joe Felici, oversaw the acquisition for the firm. “The Route 29 corridor has transformed over the past few years and is now an active live-work-play environment. The acquisition of this trophy quality property provides us with strong cash flow in a submarket poised for further growth.”
1400 Atwater is one of the most accessible office complexes in Philadelphia’s western suburbs, located at the interchange of Route 29 and the Pennsylvania Turnpike. The property was developed in 2013 as a build-to-suit for Endo Pharmaceuticals, a $3.5 billion multi-national pharmaceutical company.  Situated on 24.84 acres, the LEED Silver trophy asset features a granite and concrete fa├žade, 10-foot finished ceiling heights, on-site structured parking at a ratio of four per 1,000 square-feet, expansive lakefront views, efficient floor plates, and numerous on-site amenities including a full-service cafeteria, fitness center, coffee bar, training rooms, and a data center.

Malvern, which is home to a growing number of large corporate users, has seen vacancy decline drastically since 2012 due in part to organic growth within the market, and the attractive mixed-use environment that has developed there recently. The property is adjacent to the newly-delivered Atwater Village, a 300-acre master-planned development that includes 30,000 square-feet of retail and 875 new rental and for-sale residential units. Additionally, the Route 29 corridor has experienced a wave of newly delivered amenities, including Charlestown Village, the Wegmans-anchored Uptown at Worthington, new hotels, and a mix of new restaurants.
www.omegare.com

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