Rubenstein Partners Signs Two New Leases Totaling Over 40,000 Square Feet at Chesterbrook Office Campus

PTC Inc. and US Fertility latest to secure space at Class-A complex in King of Prussia PA which has signed over 190,000 square feet of prominent office tenants since July 2020    

December 20, 2021 – Philadelphia – Rubenstein Partners, L.P., a vertically-integrated real estate investment adviser focused on value-added office opportunities (together with its affiliates, “Rubenstein”), has completed two new leases at the 14-building Chesterbrook office complex in King of Prussia, PA, including a 14,633-square-foot lease for PTC Inc. at 620 Lee Road and a 25,473-square-foot lease for US Fertility at 735 Chesterbrook.

With these two latest deals in place, the Class-A corporate campus has now signed over 190,000 square feet in new leases with recognized corporate users during the pandemic, including a 90,000-square-foot lease with a global technology company in February 2021, a 59,000-square-foot lease with BNP Paribas in July 2020, and other recent lease renewals.

PTC Inc., a leading global computer software and services company, will utilize their new space at 620 Lee Road as a regional office location and was represented by Mark Schumacher, Senior Director and John Shelly, Senior Director, with Cushman & Wakefield.

US Fertility intends to use their new space at 735 Chesterbrook as a fertility clinic and surgery center, as well as for general office use. The tenant was represented by Nick Sannelli, Senior Vice President, at JLL and Nicholas Zuppas, Principal, at Gittleson Zuppas Medical Realty in the transaction.

Rubenstein was represented by a JLL team comprised of Michael MacCrory, Executive Vice President, Douglas Newbert, Executive Vice President, and Whitney Hunter, Senior Vice President, in the negotiations for both transactions.

“The strong leasing activity at Chesterbrook throughout the pandemic is a clear demonstration of the property’s appeal as well as Rubenstein’s ability to build and market compelling workplaces that meet the needs of regional tenants,” said Jay Campbell at Rubenstein. “We’re pleased to announce these latest leases and remain firm believers that best-in-class suburban offices like Chesterbrook – with improvements focused on outdoor spaces and well-planned amenities – will continue to attract high-quality corporate users.”

Rubenstein acquired the 1.1 million-square-foot, 14-building portfolio of Class-A office properties at Chesterbrook in 2019 and has reimagined and repositioned the campus with a $50 million improvement plan to update and amenitize the campus. The large majority of improvements are already completed with final components finishing in early 2022. The centerpiece of Chesterbrook’s transformation is a centrally located, 40,000 square foot formerly vacant office building into a state-of-the-art, two-story amenity center called ‘Circuit.’  Designed as a community hub for the campus, the building is slated to include a variety of eateries with seating and lounge spaces, a fitness center, conferencing and meeting spaces, and multiple outdoor gathering areas, as well as a 20,000 square foot flexible office/coworking component on the second floor.

Campus connectivity will also be improved with new pathways linking to the nearby network of trails at Wilson Farm Park. Significant interior and exterior renovations to the buildings throughout the campus, including newly expanded and renovated lobbies and common areas, and major improvements to several entry facades have been completed or are underway. Physical upgrades such as touchless technology and HVAC improvements to enhance building safety have been added as well.

The Chesterbrook properties acquired by Rubenstein include 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/Wayne submarket.

The buildings at the Chesterbrook campus, in addition to the other office properties in the Rubenstein national portfolio, recently received the WELL Health-Safety Rating certification through the International WELL Building Institute (IWBI). The WELL Health-Safety Rating is an evidence-based, third-party verified rating focused on operational policies, maintenance protocols, stakeholder engagement and emergency plans to address the health and safety of building staff, visitors, and stakeholders in a post-COVID-19 environment.