Friday, September 27, 2019

Equus Sells Fully Leased Office Building in Berwyn, Pennsylvania

Equus Capital Partners has sold a fully leased office building in Berwyn, Pennsylvania, to Birmingham, Alabama-based M&H Properties for $56 million, or about $325 per square foot.

The three-story, 172,327-square-foot building at 1000 Chesterbrook Blvd. was built in 1999. The four-star property spans 12.7 acres just five miles south of the confluence of I-76, US Route 202, The Pennsylvania Turnpike and US Route 422.

Since acquiring the property in 2016 on behalf of its fully discretionary $361 million value-add equity fund, Equus Investment Partnership X, LP, Equus embarked on a $2.5 million renovation of the property, according to the company's press release.

Upgrades included new landscaping, lobby improvements, the installation of a tenant lounge, full service cafeteria, and fitness center with full locker rooms and a yoga studio.

Equus Asset Manager Keith Hontz said in a statement, "With a targeted and thoughtful capital deployment program aimed at amenities to attract and retain the region’s top talent, we successfully repositioned both the physical nature of the asset as well as its financial profile, thereby creating long term value for our investors."

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