Thursday, December 5, 2013

Destination Maternity Takes Office Space at Moorestown Corp Ctr

Destination Maternity, a leading maternity apparel retailer, has leased 74,258 square feet at Moorestown Corporate Center Bldg 3 located at 232 Strawbridge Dr. in Moorestown, NJ. 

The 74,258-square-foot office building is part of the three-building, 222,823-square-foot corporate center that includes 224 and 228 Strawbridge Drive. The buildings feature three-story glass atrium lobbies, a high ratio of windows and corner offices, and proximity to Routes 38, 70, 73, I-295, the NJ Tpke, Philadelphia Airport and City Center, and numerous amenities, shopping, hotels and restaurants. 

The deal brings the center to 85 percent leased. Keystone Property Group has begun full renovations at the property, which will include upgrades to the main and elevator lobbies, parking, exterior improvements to the landscaping and monument signage, new interior finishes and lighting, and upgrades to the HVAC system. The company acquired the assets in 2012 for $19.85 million, according to CoStar data. CoStar COMPS #2593866. 

"This lease is a testament to the success of our in-progress repositioning and lease-up strategy for this well-located office property," stated Bill Glazer, president of Keystone Property Group. "Our reinvestment program for Moorestown Corporate Center will create a modern and unique work environment for this market that effectively addresses the requirements of tenants today."

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