Monday, February 17, 2020

Seven Lease Deals Totaling 90,000 SF Signed at Equus Capital Properties in PA

by John Jordan
Equus Capital Partners of Newtown Square, PA has secured seven new lease deals at its 440 and 460 East Swedesford Road office buildings here that totaled 90,137 square feet of space

There were four new lease deals and three renewals. The largest transactions were renewals by Genex totaling 50,037 square feet at 440 East Swedesford Road and Tekni-Lex’s 17,219-square-foot renewal at 460 Swedesford Place. The Provident Bank also signed a lease renewal for its 3,350-square-foot operations at 460 Swedesford Road.

Western & Southern Life Insurance Company (4,545, square feet), Kelley Jasons McGowan Spinelli Hanna & Reber, LLP (4,172 square feet), FRS Capital Management (3,947 square feet) and Transparent Health Marketplace (6,867 square feet) all signed new office deals at 460 East Swedesford Road.
Equus Capital Partners, which acquired the two, Class A office buildings in early 2018 from Liberty Property Trust, repositioned the assets and invested significant capital on renovations to both interior and exterior features, as well as the enhancement of amenity spaces and building systems.

“Credit to Equus for taking two outdated buildings in a premier location and turning them into two of the top office properties in the East Swedesford Road corridor. A new grand, three-story glass entrance with exposed stairs and glass railings was constructed at both properties and all new finishes in the lobbies, restrooms and corridors were added, plus a Fooda concept for on-site dining. With these improvements, existing and new tenants saw the value at 440 and 460 East Swedesford Road.”

The two buildings, totaling 149,450 sq. ft. of office space, are located in Tredyffrin Township with no earned income or business privilege taxes. Additionally, the properties are in proximity to the King of Prussia Town Center and the King of Prussia Mall and offer access to Routes 202, 252, 422, Interstate 76 and the Pennsylvania Turnpike.
Earlier this month,  an affiliate of Equus Capital Partners, Ltd. acquired The Reserve at Bridford, a 232-unit garden-style multi-family community located in Greensboro, NC. The acquisition was made on behalf of Equus Investment Partnership XI, L.P. (“Fund XI”), a fully discretionary $382-million value-add equity fund managed by Equus. Madison Apartment Group, L.P., the multi-family operating arm of Equus, will manage the community.

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