After suffering some serious blows during the recession, Chesterbrook Corporate Center is poised to be tested again as two major tenants reconsider their office space options.
The office park has a history of ups and downs and the protracted downturn in the economy caused some vacancies to crop up. AstraZeneca terminated its lease on 25,000 square feet, Liberty Mutual Insurance Co. ended its 25,000-square-foot lease early, GFK Healthcare relocated out of 50,000 square feet, Navteq pulled out of 40,000 square feet and Centocor moved out of 120,000 square feet.
“They were major hits,” said an office broker with CBRE Inc. who handles the leasing of the park’s 15 Class A buildings totaling 1.5 million square feet. “The defections from the last recession were due to M&A activity and early terminations. Downsizing and office closures were devastating to the park.”
The series of early terminations and downsizing dragged the occupancy rate down to 70 percent after it had been enjoying a rate of around 90 percent. Chesterbrook has steadily made up some of the ground it lost. AmerisourceBergen Corp. expanded by 20,000 square feet and is now housed in a total of 190,000 square feet. After conducting a search of office space between Malvern and King of Prussia, Auxilium Pharmaceuticals decided to relocate its world headquarters into a single building totaling 74,000 square feet at 640 Lee Road in Chesterbrook. The company was in two buildings at 40 and 50 Valley Stream Parkway in Malvern.
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