Saturday, February 9, 2013

Chambers Street Closes on Malvern Acquisition

Chambers Street Properties has acquired the Endo Pharmaceuticals twin office towers located at 1400 Atwater Dr. in the Philadelphia suburb of Malvern, PA.

The two five-story, 150,000-square-foot, class A office buildings are connected via a second-story walkway and two-story glass lobby. The buildings feature a full-service cafeteria, fitness center and conference room on a 15-acre parcel that overlooks the 60-acre Atwater Lake within the 388-acre Atwater Corporate Center, located off the Pennsylvania Turnpike at Hwy 29. 

The properties were developed by Chambers Street in a joint venture with Trammell Crow Company. The newly-delivered asset is fully leased to Endo Health Solutions, a specialty healthcare company focused on branded and generic pharmaceuticals, devices and services. 

"We are delighted to deliver 1400 Atwater Drive for occupancy by our tenant and complete the process of adding this Class A property to our expanding portfolio," said Philip L. Kianka, executive vice president and COO of Chambers Street Properties. "Our entire development team did an outstanding job collaborating with Endo to deliver the project on time and budget, and with great pride." 

This project marks the developer's entry into the suburban Philadelphia market. The company has amassed a diverse portfolio of 129 properties in 40 markets across three continents, and currently has more than $3 billion in assets under management.

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