Thursday, August 8, 2019

Keystone Signs Expansion Deals in Philly Area

Keystone Property Group reports it has signed lease expansion deals with four tenants at properties surrounding Philadelphia.

The largest transaction was with wireless site development firm Network Building & Consulting, LLC, which agreed to add 10,491 square feet to its space at Keystone’s VEVA, a 417 420,546 square-foot office campus in Blue Bell, PA. The firm now occupies a total of 25,037 square feet at the property. The firm has expanded on four separate occasions since moving into the complex in 2013 and is one of the largest tenants in the entire VEVA campus.

The second lease expansion for Keystsone was with Jefferson University Physicians, a Pennsylvania non-profit corporation, which will expand its current space at 225 City Ave. in Bala Cynwyd, PA by 6,790 square feet. Its new space totals 10,574 square feet—roughly three times its initial size.

Keystone also reports that Janney Montgomery Scott, a full-service financial services firm, relocated from Rosetree 1 to Rosetree 2 in Media, PA and expanded its footprint to 6,700 square-feet—an increase of approximately 20%—to provide for future growth and modernize its space.

The fourth lease expansion was with Affiliated Distributors, Inc., which added expansion space of about 2,500 square feet to its existing 28,000-square foot space at Valley Forge Office Center, in Wayne, PA in order to accommodate a recent acquisition.

“We are very proud to announce that four of our existing tenants are expanding within the mixed-use office destinations here in Pennsylvania,” says Rich Gottlieb, Keystone’s president and COO. “Our relationships with our tenants are our main priority, which is why we develop and design our properties specifically to foster creativity, collaboration and efficiency. Our goal is always to provide them with environments that will allow them to thrive and succeed, and we are extremely excited to continue their growth here in our buildings.”

Keystone, which in addition to its headquarters in Conshohocken, PA, also has offices in Miami, New York and New Jersey, begun construction in April of SORA West, a mixed-use, transit-oriented development in Conshohocken, PA that will house the new global corporate headquarters of AmerisourceBergen. The global healthcare solutions company is relocating to an 11-story, 429,122-square foot office tower that will serve as an anchor for the wider SORA West development there.

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