Chesterbrook Gains Pair of New Tenants in Wake of AmerisourceBergen Vacating the Office Park

sandy-colored building
Image via Rubenstein Partners.
735 Chesterbrook Boulevard.

Two new leases totaling 40,106 square feet have been secured for Chesterbrook, thanks to real estate firm Rubenstein Partners, writes Natalie Kostelni for the Philadelphia Business Journal.

When the Philadelphia-based Rubenstein Partners first bought the office park in the summer of 2019, the occupancy was at 80 percent. It has remained at that level ever since.

Other deals made over the past years include a 59,000-square-foot lease with French international banking group BNP Paribas and another 90,000-square-foot lease with Indian digital services and consulting firm Infosys.

Even though Chesterbrook’s occupancy hasn’t increased, Rubenstein remains optimistic.

“We were planning to go down to a low occupancy of 43 percent and not expected to go up in occupancy until the renovations were completed,” said Rubenstein representative Jay Campbell.

After Rubenstein acquired Chesterbrook, one of the building’s biggest occupants, AmerisourceBergen, moved to its new headquarters in Conshohocken. The pharmaceutical distributor occupied 29 percent of the office space, and vacancy sharply fell.

Luckily, Rubenstein had factored in AmerisourceBergen’s departure and was able to soften the blow by landing the deals with BNP and Infosys.

The latest tenants in the park include software firm PTC Inc. and US Fertility.

Read more about Chesterbrook in the Philadelphia Business Journal.