Take Two: Private Equity Firm Agrees to Buy Chesterbrook Corporate Center … Again
In its second attempt to buy the Chesterbrook Corporate Center, Rubenstein Partners has put the office park under agreement for $148.5 million, writes Natalie Kostelni for the Philadelphia Business Journal.
The transaction is expected to close within the next 75 days, if the acquisition stays on track.
Rubenstein previously had Chesterbrook along with Glenhardie, a companion office complex in Wayne, under agreement until March before deciding to drop the deal.
At that time, Pitcairn Properties had put Chesterbrook and Glenhadie up for sale as a package, but has since separated them. Rubenstein had offered to buy both properties for around $190 million.
After Rubenstein dropped the transaction, Glenhardie was put under agreement and later acquired by Buccini Pollin Group for roughly $30.5 million.
Chesterbrook is the significantly larger of the two office complexes with 14 buildings totaling more than a million square feet.
Chesterbrook is facing a number of vacancies, including the space currently occupied by AmerisourceBergen. It will soon relocate to a new headquarters in Conshohocken.
Such vacancies will provide an opportunity for the new owners to invest in renovations and upgrades to attract new tenants.
Read more about the Chesterbrook Corporate Center in the Philadelphia Business Journal here.
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