Accesso Partners, a Florida-based real estate company, has purchased Westlakes, an office park in Berwyn, from Keystone Property Group for $135 million, writes Natalie Kostelni for the Philadelphia Business Journal.
The 455,183-square-foot, four-building complex set on 40 acres was 92 percent occupied at the time of the sale. Tenants include PNC Bank, Brinker Capital, Montgomery McCracken, Chartwell Investment Partners, and Amring Pharmaceuticals.
“What surprised us was how robust the demand was for Westlakes,” said Bill Glazer, CEO of Keystone. “It was such a hotly contested bidding process. There was not only the demand but the price point, which is really compelling for the market and a major statement for office properties.”
Keystone bought the property off Swedesford Road at Route 202 eight years ago as part of its $233 million acquisition of a Mack-Cali Realty portfolio totaling 1.66 million square feet. Keystone invested around $5 million in upgrades to the property, creating indoor and outdoor gathering spaces and cafes.
“We spent the last several years on all of the assets and reinventing them,” said Glazer.
The new owner also plans to continue upgrading the property; it is currently working on determining the scope of changes and the budget.
Read more about the sale of Westlakes in the Philadelphia Business Journal.
