Tuesday, August 27, 2019

Rubenstein Partners Adds 14 PA Office Buildings to Portfolio

by John Jordan Globest.com
Rubenstein Partners, L.P. of Philadelphia has acquired 1.1 million square feet of office space within 14 buildings in the Chesterbrook Corporate Center here.

The Class A office space in the King of Prussia submarket includes: 1300 Morris Dr., 1325 Morris Dr., 1400 Morris Dr., 851 Duportail Rd., 955 Chesterbrook Blvd., 965 Chesterbrook Blvd., 725 Chesterbrook Blvd., 735 Chesterbrook Blvd., 600 Lee Rd., 601 Lee Rd., 620 Lee Rd., 640 Lee Rd., 690 Lee Rd., and 701 Lee Rd.
No financial terms of the transaction were disclosed. The Philadelphia Business Journal previously reported that Rubenstein and seller Pitcairn Properties had the Chesterbrook Corporate Center under contract for $148.5 million in May.

“Chesterbrook is an exceptional office campus that we’re pleased to add to our portfolio. Additionally, this acquisition further increases our presence in the Philly market, which is particularly important to us as an investment firm based in the region,” says Lou Merlini of Rubenstein Partners.
He adds that the firm’s planned capital improvement program at the property “will completely reimagine Chesterbrook, taking advantage of the beautiful park-like setting while providing an amenity package that we expect to be unparalleled in a Philadelphia suburban office portfolio. We are very excited for the opportunity to restore Chesterbrook to the pre-eminent office destination in the market.”

The 140-acre Chesterbrook Corporate Center, situated off Route 202, is currently more than 80% occupied.

Rubenstein boasts an already substantial presence in the Philadelphia market. Among its holdings include Makefield Crossing (formerly known as the Lower Makefield Corporate Center) in Bucks County and the Wanamaker Building in Center City.

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