The sale of the Chesterbrook Corporate Center to Rubenstein Partners for $148.5 million was the biggest office sales deal in the Philadelphia suburbs last year, writes Natalie Kostelni for the Philadelphia Business Journal.
The real estate company also plans to invest an additional $50 million into the office park to ensure the decades-old property is up to contemporary standards.
The Tredyffrin Township complex consists of 14 office buildings comprising a total of 1.1 million square feet. This makes it one of the Philadelphia area’s largest office parks.
However, it was not always a certainty that the deal would close. In fact, Philadelphia-based Rubenstein had initially walked away from buying the complex earlier in the year. It only reconsidered and decided to go ahead with the purchase after a portion of the portfolio, the Glenhardie Corporate Center, was acquired by the Buccini Pollin Group.
The Chesterbrook Corporate Center sale helped mark another strong year of investment activity in the Philadelphia region that totaled between $1.9 billion $2.5 billion, according to various estimates. Fifty percent of those sales took place in the suburbs.
Read more about the Chesterbrook Corporate Center in the Philadelphia Business Journal here.