Tuesday, September 9, 2014

Kairos Attracting Office Tenants to ‘Over-Amenitized’ Conshohocken Property

by Steve Lubetkin, GlobeSt.com
Top quality office tenants are attracted by building with world class amenities in close proximity to transportation hubs, says Stephen J. Gleason, president of Kairos Real Estate Partners.

Those two factors probably played a key role in helping Kairos success lure medical technology company Genomind from its Chalfont, PA, headquarters to occupy 8,700 square feet in Kairos’ 180,000 square foot Triad Building at 2200 Renaissance Blvd. in Conshohocken.

“We made a conscious decision to over-amenitize the property,” says Gleason. “We built a brand new fitness center with all new equipment.”

Kairos is bringing in outside instructors to run fitness classes at the gym, which includes men’s and women’s locker rooms, Gleason says.

Kairos also created a conference center at the property and a café that remains open later in the evening.

The building is located in the Renaissance Corporate Park close to the Gulph Mills/King of Prussia marketplace about 15 miles west of Philadelphia.

Triad Building, 2200 Renaissance Blvd., Conshohocken, PA
Rental rates are starting to rise for the first time since the recession, and concession packages “are definitely becoming more landlord favorable,” says Gleason. “Tenant improvement allowances are shrinking, free rent is either disappearing entirely or becoming less prevalent, and that also applies to South Jersey as well as the western suburbs on the Philadelphia side of the river.”

Genomind, which focuses on research in psychiatry and neurology, was attracted to the growing biotechnology corridor developing in the King of Prussia marketplace. The firm is growing rapidly and wanted to reposition its corporate headquarters.

“That’s part of what attracted them the Conshohocken area and to Triad,” Gleason tells GlobeSt.com exclusively. “It provides great access to Center City Philadelphia, the western suburbs, the airport, and the Pennsylvania Turnpike, so it’s really at the crossroads of transportation. In addition to that, Conshocken has a lot of amenities, including hotels, retail and restaurants.

Rendering of Triad lobby atrium.
In addition to Genomind, Kairos also signed an e-commerce startup, which leased 5,200 square feet, and Spring Mill Partners, which moved into 3,000 square feet from another Conshohocken building. About 65% of the building is still available for lease, says Gleason.

Tenants are using the space in the wi-fi equipped building with team collaboration in mind. Few of the tenants are installing private offices and cubicles, opting instead for configurations that allow teams to work more closely with each other.

“We’re seeing a greater proportion of space being used for what’s called ‘benching’ and other newer configurations that are much more collaborative than having a sea of cubicles,” says Gleason. Benching allows employees to work at high tables along side each other.

The building features a 55 foot high atrium lobby with an accenting centered skylight, finished tenant ceiling heights and scenic views.

The Triad building also has private executive parking underneath the building for 68 vehicles.

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