Wednesday, March 25, 2020

Rubenstein Partners Announces New Leases, Launch of Capital Improvements at Makefield Crossing

by John Jordan
Rubenstein Partners reports that it has secured more than 100,000 square feet in new lease deals at the Makefield Crossing office campus here in the last 12 months.

The Philadelphia-based real estate investment advisory firm, also notes that it has begun capital improvements involving both interior and exterior upgrades at the nearly 467,000-square-foot property. The capital improvements mark the first step in a larger plan to reposition and improve the Class A office park in Bucks County, PA.

Within the past 12 months, Rubenstein has signed four large leases exceeding 20,000 square feet each, including a new lease for 21,082 square feet with Biohaven Pharmaceuticals, a 21,690-square-foot renewal and expansion of Cello Health, and a 22,409-square-foot renewal and expansion of Jubilant Pharma, among other deals.

“New and existing tenants have embraced our previously announced capital improvement plan for Makefield Crossing, which we are now executing after securing unanimous approvals from the Township,” says Louis Merlini, VP of asset management at Rubenstein. “We believe that Makefield Crossing will become even more attractive to users as we proceed with our plans and the end result comes into focus.”

Rubenstein plans to completely overhaul both the North and South campuses of Makefield Crossing with market-leading amenities and best-in-class common area upgrades. Makefield Crossing North consists of five office buildings totaling 190,183 square feet, plus a Hampton Inn hotel that was not included in the acquisition.

Rubenstein’s planned upgrades to Makefield Crossing North include replacing the interior parking lot with a large, collaborative green space, adding new amenities including a fitness center, conference center, and café/tenant lounge, renovating building common areas including main lobbies, restrooms, and corridors and replacing signage.

Makefield Crossing South consists of four office buildings, of which Rubenstein acquired three buildings totaling 276,533 square feet. Rubenstein plans to improve Makefield Crossing South by adding and upgrading amenities including a fitness center, conference center, and full-service café and tenant lounge, replacing a portion of the interior parking lot with a collaborative green space connecting the new amenities to a series of waterfront decks, renovation of building common areas including main lobbies, restrooms, corridors and new signage.

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