Keystone Property Group has sold Westlakes, a 455,183-square-foot office park in Berwyn, for $135 million, or $297 a square foot.
Accesso Partners, a Hallandale Beach, Florida, real estate company that also owns 1515 Market St. in Center City, bought the four-building complex on 40 acres off Swedesford Road at Route 202. At the time of the sale, Westlakes was 92% occupied with PNC Bank, Brinker Capital, Montgomery McCracken, Chartwell Investment Partners and Amring Pharmaceuticals among its tenants.
“What surprised us was how robust the demand was for Westlakes,” said Bill Glazer, CEO of Keystone. “It was such a hotly contested bidding process. There was not only the demand but the price point, which is really compelling for the market and a major statement for office properties.”
Glazer and Accesso declined to confirm the sale price though market sources indicated it was $135 million.
Keystone bought Westlakes in 2013 as part of its $233 million acquisition of a Mack-Cali Realty Corp. portfolio totaling 1.66 million square feet. Keystone then spent about $5 million on a range of upgrades to the property including creating indoor and outdoor gathering spaces and cafés.
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