By Paul Schwedelson – Reporter, Philadelphia Business Journal
Rubenstein Partners has signed leases totaling 131,000 square feet since the summer at its Chesterbrook office campus. The deals are highlighted by a 36,000-square-foot lease signed by a government defense contractor and a financial services company taking an entire 35,000-square-foot building.
The deals bring Chesterbrook’s occupancy to 62%.
Rubenstein Vice President of Asset Management Brian Simel attributed the recent leasing to the location between I-76 and Route 202 near King of Prussia combined with renovations the real estate firm recently completed.
“I think we’ve got something compelling,” Simel said. “That’s what the leasing says about it.”
Arcfield, the government defense contractor, is taking 36,000 square feet at 1400 Morris Drive, the first tenant to move into the building since Cencora, formerly AmerisourceBergen, vacated in 2021.
Philadelphia-based Rubenstein bought the 14-building, 1.1 million-square-foot campus for $148.5 million in 2019 and was aware of then-AmerisourceBergen’s intention to depart for Conshohocken. With 1400 Morris Drive fully vacant, Rubenstein renovated the lobby and entrance.
Arcfield’s 11-year lease brings the four-story, 92,459-square-foot building to 39% occupied.
“It’s an important indication we’re on the right track,” Simel said. “It’s a 1 million-square-foot campus so we’re going to keep working and try to win even more of these. It’s a big lease. It’s a great tenant.”
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