Since the summer, Rubenstein Partners has added 131,000 square feet in leases at its Chesterbrook office campus, bringing the occupancy up to 62 percent, writes Paul Schwedelson for the Philadelphia Business Journal.
The deals include a lease for 36,000 square feet signed by Arcfield, a government defense contractor, and a deal with a financial services company that took an entire 35,000-square-foot building.
According to Rubenstein Vice President of Asset Management Brian Simel, the recent leases can be attributed to the campus’ location between I-76 and Route 202 close to King of Prussia as well as the recently completed renovations.
“I think we’ve got something compelling,” said Simel. “That’s what the leasing says about it.”
Arcfield is the first tenant to move into the building at 1400 Morris Drive since it was vacated in 2021 by Cencora, formerly AmerisourceBergen. Its 11-year lease puts the four-story, 92,459-square-foot building at 39 percent occupancy.
Rubenstein acquired the 14-building, 1.1 million-square-foot campus in 2019 for $148.5 million, aware of the then-AmerisourceBergen’s intention to leave the space. Once the building was fully vacant, Rubenstein refurbished its lobby and entrance.
Read more about Rubenstein Partners’ Chesterbrook office campus in the Philadelphia Business Journal.
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