Long Beach-based Ensemble Investments is buying two Wayne office buildings that total over 200,000 square feet from Prologis Inc. The deal for the property at 650 and 680 E. Swedesford Road closed Wednesday, but the real estate firm did not disclose how much it paid, writes Paul Schwedelson for the Philadelphia Business Journal.
The building at 650 Swedesford is 75 percent occupied. Its tenants are life sciences company Iqvia and an Energy company Superior Plus. It also has a café and fitness center. It was renovated in 2018.
However, the building at 680 Swedesford is a completely different situation. It is vacant after a tenant left in 2021 and has not yet been renovated. Both buildings have four stories.
Ensemble’s reach is usually within Philadelphia’s Navy Yard for apartment buildings. Now, the company is venturing over to its stake in office buildings.
“At the Navy Yard, our office leasing has never been better,” said Ensemble Senior Vice President Mark Seltzer. “Rent is up. Vacancies are lower. Demand is strong.”
Seltzer says that due to the visible signage, proximity to highways and shopping centers, ample parking space, and the ability for tenants to customize the space will attract a lot of potential renters.
Read more about the Wayne office buildings in the Philadelphia Business Journal.