Tuesday, December 22, 2015

Keystone Selling Devon Square Office Complex

by Steve Lubetkin, Globest.com
Keystone Property Group has put a “for sale” sign on Devon Square, a two-building, 140,000-square-foot office complex at 724 and 744 W. Lancaster Avenue in Wayne, PA.

The office buildings, substantially renovated in 2007, are 91-percent occupied with a tenant base including Merril Lynch, Penn Liberty Bank and other leading tenants, including several medical offices. The property is well-amenitized with an adjacent Marriott Courtyard hotel and is walkable to several restaurants and retail options.

“Devon Square will prove highly desirable to both high-net-worth individuals and institutional investors interested in acquiring one of the most desirable office properties on the Main Line,” says Jessica Jacobs, Keystone Property Group asset manager. “This area is one of the strongest submarkets for office leasing in the Philadelphia region, and with its low vacancy rate and an average remaining lease of five years, Devon Square will provide the buyer with an extremely appealing investment opportunity.”

Situated on Route 30, the property is located in a highly desirable in-fill location and provides its tenants with easy access to roadways and mass transit. The property is located adjacent to Devon Square Shopping Center, and within minutes of I-76, I-476, Route 202, and SEPTA train lines. Across Lancaster Avenue from Devon Square is Devon Village, a shopping center anchored by Whole Foods.

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