A joint venture led by Keystone Property Group announced this week that it had closed on the acquisition of a Philadelphia area portfolio for approximately $233 million. The JV purchased 15 office buildings and three development sites from the Mack-Cali office real estate investment trust, which is pulling back from the Philadelphia area office market, where rents have been stuck at 1990s levels, according to a Philly.com article. The acquisition adds approximately 1.7 million square feet of existing office space to Keystone's portfolio and significantly expands the company's presence in Pennsylvania, where Keystone has been headquartered and active since itsinception in 1991.
The portfolio includes:
150 Monument Road, totaling 125,783 square feet in Bala Cynwyd
Four buildings at 1000 – 1235 Westlakes Drive in Berwyn's Westlakes Office Park, totaling 444,350 square feet
Three buildings at 4 & 5 Sentry Park in Blue Bell, totaling 193,930 square feet
Three buildings at 100 – 300 Stevens Drive in Airport Business Center in Lester, totaling 371,000 square feet
1000 Madison Avenue in Lower Providence, totaling 100,700 square feet
Two buildings at Rose Tree Corporate Center I & II at 1400 N. Providence Road in Media, totaling 260,000 square feet
One Plymouth Meeting, located at 502 W. Germantown Pike in Plymouth Meeting, totaling 167,748 square feet
"This acquisition is closely aligned with our core competencies as a long-time investor in well-located office properties where significant value can be created to achieve best-in-class work environments that meet the requirements of modern companies," said Bill Glazer, President of Keystone Property Group. "Drawing on the strengths of our more than 20-year track record in the Pennsylvania market, our strategy is focused on realizing the full potential of these assets through the creation of vibrant, urban-inspired settings within the context of suburban office campuses."
For more news and information visit Blumberg Capital Partners.
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