Wednesday, November 29, 2017

Henderson Group Purchases Newtown Square Portfolio

Natalie Kostelni Reporter Philadelphia Business Journal
Henderson Group has paid $42 million for a portfolio of five office buildings in Newtown Square, Pa., that had been owned by Brandywine Realty Trust.

The properties total 250,000 square feet at 11, 14, 15, 17 and 18 Campus Blvd. One building, 17 Campus Blvd., totals 48,565 square feet and is vacant. The other four properties are occupied. The buildings were developed between 1990 and 2002.

Henderson has historically banked land and developed ground up projects and this transaction, which involved buying existing buildings, marks a shift for the company.

“This breaks our mold with acquiring large tracts of vacant land and going vertical,” said Brian Coyle, president and CEO of Henderson, which is based in Media, Pa. “This is our first foray into acquiring existing product and I think it will be the model we will deploy in the future.”

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