Liberty Property Trust has exited the Horsham, PA submarket, closing the sale of its entire portfolio of 41 office and flex properties to privately held Workspace Property Trust (WPT) for $245.3 million
The portfolio in Horsham, located 10 miles north of downtown Philadelphia, totals 2.4 million square feet of existing space and 20 acres of development land. The portfolio was 84.3% leased at closing.
The deal is the first major transaction by Workspace Property Trust, which specializes in the development, management, and operation of office and flex space in the Northeast. The company is led by former Mack-Cali Realty CEO Thomas A. Rizk.
WPT partnered with Rizk Ventures, Forum Partners, JMP Group and EverWatch Capital in the transaction, financed with a $200 million loan provided by JPMorgan Chase Bank, N.A. and arranged by HFF's New York City debt placement team.
The sale brings Malvern, PA-based Liberty’s 2015 dispositions to date to a total of $536 million.
www.omegare.com
Monday, December 7, 2015
Thursday, December 3, 2015
Comcast Expands at Voorhees Tech Center
Comcast Corporation signed a lease to expand its presence at 401 White Horse Rd. in Voorhees, NJ by an additional 42,000 square feet. Beginning in early 2016, the tenant will occupy 150,000 square feet in the office building.
The 208,215-square-foot Vorhees Tech Center Bldg 1 was constructed in 1971 on 26 acres in the South Camden County submarket of Philadelphia. There is still 35,000 square feet available for lease there.
www.omegare.com
The 208,215-square-foot Vorhees Tech Center Bldg 1 was constructed in 1971 on 26 acres in the South Camden County submarket of Philadelphia. There is still 35,000 square feet available for lease there.
www.omegare.com
TJM Pays $15M for Radisson Philadelphia Northeast
TJM Properties, a Florida-based property investment and development firm, acquired the 274-room Radisson Philadelphia Northeast hotel at 2400 Old Lincoln Hwy in Trevose, PA from Haverford Hotel Partners LP for $15 million, or about $55,000 per keycard.
The six-story, 205,011-square-foot hospitality building was constructed in 1974, located 30 miles from the Philadelphia International Airport.
www.omegare.com
The six-story, 205,011-square-foot hospitality building was constructed in 1974, located 30 miles from the Philadelphia International Airport.
Dunn Twiggar Sells Exton MOB for $6.8M
Dunn Twiggar Co., DTC 479 TJW LP sold 479 Thomas Jones Way in Exton. The 49,264 s/f medical office building was purchased for $6.85 million. The buyer was Posh Properties in the sale. Major tenants include: Mainline Hospitals, Chester County, and Brandywine Hospital.
www.omegare.com
www.omegare.com
Tuesday, December 1, 2015
Keystone Redeveloping Plymouth Meeting Office
by Steve Lubetkin, Globest.com
Keystone Property Group will redevelop One Plymouth Meeting, an iconic, 180,000-square-foot office property at 502 West Germantown Pike in Plymouth Meeting, PA.
Located at the recently reinvigorated Plymouth Meeting Mall, the nine-story building will be reimagined to reflect modern workplace demands with new amenities, a completely redeveloped interior and exterior, and LEED certification.
“One Plymouth Meeting is an ideal headquarters facility for forward-thinking companies intent on providing their employees with a wide range of lifestyle amenities in proximity to their office space,” says Rich Gottlieb, partner at Keystone. “With walkable access to nearly a dozen restaurants, Whole Foods, and the onsite movie theater at Plymouth Meeting Mall, the reimagined One Plymouth will be the sort of dynamic office property that will engage employees as it inspires creative thinking.”
Keystone’s redevelopment plans include adding a modern glass and precast exterior, all new mechanical and electrical systems, a modern lobby and a private outdoor gathering space. With the installation of larger windows, the comprehensive capital improvements campaign will increase the building’s energy efficiency and tenants’ interior experience. Keystone says it will work with tenants on customizing the renovated building to suit their specific needs.
“With efficient floor plates, high ceilings, abundant parking and signage potential, the building has amazing exposure and a great deal of versatility,” says Gottlieb. “Once we unlock its full potential, One Plymouth will cement its status as a modern landmark that brings energy to the workplace and fosters productivity and collaboration. As the mall continues its revitalization, One Plymouth will maintain its role as a significant commercial driver in the surrounding region.”
Located in southern Montgomery County, just 20 minutes from Center City, the redevelopment of One Plymouth Meeting will be the latest in a series of major enhancements made in the region that include the renovations at the mall and development of a 398-unit luxury residential property less than two miles away.
www.omegare.com
Keystone Property Group will redevelop One Plymouth Meeting, an iconic, 180,000-square-foot office property at 502 West Germantown Pike in Plymouth Meeting, PA.
Located at the recently reinvigorated Plymouth Meeting Mall, the nine-story building will be reimagined to reflect modern workplace demands with new amenities, a completely redeveloped interior and exterior, and LEED certification.
“One Plymouth Meeting is an ideal headquarters facility for forward-thinking companies intent on providing their employees with a wide range of lifestyle amenities in proximity to their office space,” says Rich Gottlieb, partner at Keystone. “With walkable access to nearly a dozen restaurants, Whole Foods, and the onsite movie theater at Plymouth Meeting Mall, the reimagined One Plymouth will be the sort of dynamic office property that will engage employees as it inspires creative thinking.”
Keystone’s redevelopment plans include adding a modern glass and precast exterior, all new mechanical and electrical systems, a modern lobby and a private outdoor gathering space. With the installation of larger windows, the comprehensive capital improvements campaign will increase the building’s energy efficiency and tenants’ interior experience. Keystone says it will work with tenants on customizing the renovated building to suit their specific needs.
“With efficient floor plates, high ceilings, abundant parking and signage potential, the building has amazing exposure and a great deal of versatility,” says Gottlieb. “Once we unlock its full potential, One Plymouth will cement its status as a modern landmark that brings energy to the workplace and fosters productivity and collaboration. As the mall continues its revitalization, One Plymouth will maintain its role as a significant commercial driver in the surrounding region.”
Located in southern Montgomery County, just 20 minutes from Center City, the redevelopment of One Plymouth Meeting will be the latest in a series of major enhancements made in the region that include the renovations at the mall and development of a 398-unit luxury residential property less than two miles away.
www.omegare.com
Saul Ewing Leases 15,000 SF in Wilmington
Wilmington-based Saul Ewing LLP, a full-service law firm, has signed a lease to take 15,227 square feet at 1201 N. Market St. in Wilmington, DE.
The 23-story, 441,341-square-foot, 4-Star office property was built in 1988, designed by Skidmore, Owings, and Merrill.
Saul Ewing will take over more than half of the 23rd floor, joining the likes of law firm Morris Nichols and Arsht and insurance company Nuclear Electric Insurance.
www.omegare.com
The 23-story, 441,341-square-foot, 4-Star office property was built in 1988, designed by Skidmore, Owings, and Merrill.
Saul Ewing will take over more than half of the 23rd floor, joining the likes of law firm Morris Nichols and Arsht and insurance company Nuclear Electric Insurance.
www.omegare.com
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