Devon Park Drive in Wayne Reaps the Benefits of Nearby Development

Gene, left, and Colin McHale of Beacon Commercial Real Estate handle the leasing for the Evolve office complex in Wayne. Image via Natalie Kostelni, Philadelphia Business Journal.

Properties located along Devon Park Drive in Wayne are reaping the benefits of development on nearby Swedesford Road, writes Natalie Kostelni for the Philadelphia Business Journal.

“You’re seeing rents jump on Swedesford Road, and it’s spilling over to Devon Park,” said Taylor Young of Maguire Hayden Real Estate.

Maguire Hayden owns Safeguard Scientifics’ former campus, where rent has increased to between $27 and $28 per square foot, compared to around $22 a year ago.

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The owners of the Evolve office complex off Devon Park Drive are seeing the effects first hand. They took a gamble on the property that was 73 percent occupied when they purchased it two years ago. Today, the property is 90 percent occupied with rent now around $24.50 per square foot.

The additions of the King of Prussia Town Center and Life Time Fitness, as well as the nearby Chester Valley Trail, are also benefiting the area.

“It’s huge,” said Gene McHale of Beacon Commercial Real Estate. “The amenities just weren’t here before.”

Read more about the renewed interest in Devon Park Drive in the Philadelphia Business Journal here.

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