The Chesterbrook Corporate Center has been acquired for $148.5 million by Rubenstein Partners, which plans to invest another $50 million on renovating the office park to bring it up to modern standards, writes Natalie Kostelni for the Philadelphia Business Journal.

The complex in Tredyffrin Township consists of 14 office buildings that total 1.1 million square feet. This makes it one of the largest office parks in the Philadelphia area.

The Chesterbrook Corporate Center is currently 80 percent leased, but that number is expected to drop once AmerisourceBergen relocates its headquarters to Conshohocken.

Rubenstein sees the current occupancy percentage as a bonus to its repositioning strategy.

“We like having the opportunity to offer large blocks of space,” said Lou Merlini, a vice president of Rubenstein. “We think that it is unique in the market since there are not a lot of large, contiguous blocks available.”

As part of the renovations, Rubenstein will create a central amenity hub for all tenants along with several pocket parks that will connect to it. The company will also improve curb appeal, renovate interiors, and begin rebranding the office park.

Read more about the Chesterbrook Corporate Center in the Philadelphia Business Journal here.

[uam_ad id=”80503″]

.

[uam_ad id=”80502″]