Philadelphia Business Journal – Eight buildings in Bucks sell to Rubenstein Partners

Rubenstein Partners has paid $85 million for eight properties in the Lower Makefield Corporate Center off Route 332 in Bucks County.

The properties were sold by American International Group, according to sources familiar with the transaction who also confirmed the sale price. AIG took control of the properties during the recession.

The buildings that were bought were: 1010, 1020, 1030, 1040 and 1050 Stony Hill Road and 770, 790 and 800 Township Line Road. They total 467,000 square feet and were 80 percent occupied at the time of the sale.

Its biggest tenant is Crown Holdings, which recently relocated its headquarters out of Philadelphia into 60,000 square feet at 770 Township Line Road.

Rubenstein’s purchase includes buildings that are split between two campuses, which define the corporate center. Three office buildings and two small retail buildings totaling 190,000 square feet on Stony Hill Road are on the north campus while three office buildings totaling 277,000 square feet along Township Line Road are on the south campus.

Rubenstein, based in Philadelphia, focuses on buying office buildings that need renovations, leasing or other investment to reposition them. The company plans to deploy that strategy with the properties it bought in Lower Makefield.

“When we acquire something, we focus on amenitizing the properties and creating attractive social spaces,” said Lou Merlini, of Rubenstein. “Our amenities are some combination of food, fitness and conferencing and we think there is a good opportunity to improve the outside spaces of both campuses.”

Rubenstein also plans to upgrade the main lobbies, bathrooms and the buildings’ common areas.

Robert Yoshimura and Joseph B. Hill Jr. of Cushman & Wakefield handled the sale. The firm also arranged the financing for the acquisition.