Maguire Hayden has put a Devon Park Drive building in Wayne up for sale and could see the property it bought three years ago yield a massive windfall, writes Natalie Kostelni for the Philadelphia Business Journal.

The real estate firm acquired the building that was built in 1975 from Merck for $7.2 million. At the time of the purchase, the building had more than 70,000 vacant square feet of lab and related space.

However, last year, Charles River Laboratories leased 96,000 square feet of that until June 2036. Subsequently, Maguire Hayden launched an extensive interior and exterior renovation of the building.

“It’s a great life science building, and that is what we fell in love with when we bought it from Merck,” said Tony Hayden Jr., CEO of Maquire Hayden.

With a new, long-term lease in place, Maguire Hayden decided to sell the property. The decision seems to be the right one, as one estimate has the building trading for upwards of $50 million, more than six times what the firm paid for it.

Read more about the property in the Philadelphia Business Journal here.

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