Wednesday, July 27, 2016

Equus Pays $32M For Class-A Office Building In Berwyn, PA

by Steve Lubetkin,
Equus Investment Partnership X, a discretionary fund managed by Equus Capital Partners, paid $32.1 million to a joint venture of Brandywine Realty Trust and Realen for 1000 Chesterbrook Boulevard, a three-story class-A office building totaling 172,327 square feet located in Berwyn, PA, in the King of Prussia/Wayne submarket of Philadelphia, PA. The price was confirmed by Real Capital Analytics, a proprietary research firm.

“1000 Chesterbrook has long been considered one of suburban Philadelphia’s trophy office buildings and appeals to tenants seeking best of class space in the Western Suburbs,” says George Haines, Vice President of Equus. “With our strategic plan of enhancing certain building features and activating common areas coupled with 1000 Chesterbrook Boulevard’s proximity to the region’s most affluent towns, best school districts, and new retail attractions, we are confident that this asset will have significant appeal to the marketplace.” Haines, along with Joseph F. Felici, acquisitions manager and Timothy Feron, acquisitions analyst, oversaw the transaction for Equus.

The property was 92 percent-leased at the time of acquisition.

1000 Chesterbrook Boulevard was built in 1999 and occupies 12.7 acres. Equus plans to spend approximately $2 million on renovations to the lobby and enhancement of amenity spaces.  The building currently has a greater-than-market parking ratio of 4.4 spaces per 1,000 square-feet with approximately 75 percent of the existing parking spaces within a parking garage.

1000 Chesterbrook Boulevard is at the interchange of Routes 202 and 252, just five miles south of the intersection of I-76, US Route 202, the Pennsylvania Turnpike, and US Route 422. The King of Prussia/Wayne office market, which is 20 miles northwest of Center City Philadelphia, is the region’s largest suburban office submarket.  This submarket also benefits from its convenient access to Philadelphia’s prestigious “Main Line,” one of the most sought-after residential communities in the country. Additionally, 1000 Chesterbrook is within a 10-minute drive of one of the nation’s most notable retail destinations, the King of Prussia Mall (second-largest mall in the US) as well as the newly-developed King of Prussia Town Center.

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