Thursday, May 29, 2014

Redeveloped Wayne Office Attracts New Tenants

by Antoinette Martin, the New Jersey and Philadelphia editor for
Three new tenants, including a national law firm, have taken a total of 53,500 square feet at the redeveloped CrossPoint at Valley Forge office campus. The building, which opened in January, is now 81% leased, according to the owners.
The Davis Companies and MIM-Hayden Real Estate Funds jointly own the building. The law firm tenant is Lewis Brisbois Bisgaard & Smith, which has offices in 32 cities.
Medecision, a provider of healthcare management services, and Conestoga Capital Advisors, an independent investment advisory firm, are the other two new tenants.
There is 48,000 square feet of space remaining at the building, which is being marketed as “best-in-class” office space for the Main Line/King of Prussia area.
“We made a major commitment to the Wayne, PA, market, not only through buying CrossPoint, but also by investing approximately $19 million over the past two years to transform the nearly vacant, outdated buildings into one of the highest quality suburban office complexes in Philadelphia,” saidDuncan Gilkey, of The Davis Companies.
The new tenants join Teleflex Inc., Rovi Corp. and ColdLight Solutions as occupants of CrossPoint.
Gilkey says the strong leasing pace at CrossPoint is more evidence that the “flight-to-quality” trend continues for office users. The building has an array of new on-site amenities, including a fitness center, conference facilities, a full-service café and coffee bar, lounges and community space, and in-building covered parking. Its location is convenient to the amenities of Wayne and King of Prussia.

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