Philly based investor purchases 14-building, Class-A office park in attractive King of Prussia submarket
August 26, 2019 – Philadelphia – Rubenstein Partners, L.P. , a vertically-integrated real estate investment adviser focused on value-added office opportunities (together with its affiliates, “Rubenstein”), has announced that Rubenstein purchased a 1.1 million-square-foot, 14-building Class-A office portfolio located within the Chesterbrook Corporate Center. The acquisition included 1300 Morris Dr., 1325 Morris Dr., 1400 Morris Dr., 851 Duportail Rd., 955 Chesterbrook Blvd., 965 Chesterbrook Blvd., 725 Chesterbrook Blvd., 735 Chesterbrook Blvd., 600 Lee Rd., 601 Lee Rd., 620 Lee Rd., 640 Lee Rd., 690 Lee Rd., and 701 Lee Rd.
The 140-acre Chesterbrook Corporate Center is situated off Route 202, well-located within Philadelphia’s highly desirable King of Prussia submarket. The portfolio is currently over 80 percent occupied with several prominent tenants and is part of one of the region’s biggest office parks. Rubenstein boasts an already substantial presence in the Philadelphia market, owning several properties including Makefield Crossing (formerly known as the Lower Makefield Corporate Center) in Bucks County and the Wanamaker Building in Center City.
“Chesterbrook is an exceptional office campus that we’re pleased to add to our portfolio. Additionally, this acquisition further increases our presence in the Philly market, which is particularly important to us as an investment firm based in the region,” said Lou Merlini of Rubenstein Partners. “Our capital improvement plan will completely reimagine Chesterbrook, taking advantage of the beautiful park-like setting while providing an amenity package that we expect to be unparalleled in a Philadelphia suburban office portfolio. We are very excited for the opportunity to restore Chesterbrook to the pre-eminent office destination in the market.”