Keystone Reinventing VEVA Office Park

Keystone Property Group, a commercial property developer and investor based in New York, unveiled its new plans this week for attracting tenants to VEVA, a 425,000-square -foot office complex in Blue Bell, PA. The newly redeveloped office park, formerly known as Sentry Park West, is made up of seven completely renovated mid-rise buildings surrounding a water feature in a 16-acre campus setting, with world-class lifestyle amenities and cutting-edge infrastructural upgrades, driving a revamped, holistic office environment. Reportedly, Keystone invested approximately $10 million meant to dramatically improve rental rates and increase occupancy at the site.

"At VEVA, we've created the workplace of tomorrow—a tenant experience that will attract and connect with today's forward-thinking businesses," said Bill Glazer, president of Keystone Property Group in a statement. "Businesses in the region have long been attracted to this complex due to its accessible location and high-quality office space. However, the grand-scale upgrades we've made will inspire a higher level of creativity, productivity, collaboration and imagination."

Located at 1777 Sentry Park West and just 22 miles from Philadelphia, the office property was originally completed in 1973. The new offerings for the updated property are: A fully reinvented plaza and public pavilion; a unique array of ambient lighting; enhanced inter-and-intranet connectivity; invigorated building entrances; and upgraded furniture and room design. The complex also features a premium fitness and wellness facility, modern café and lounge, a state of the art conferencing facility and collaborative outdoor "green" workspaces. Currently, VEVA is approximately 83% leased, with tenants including CIGNA, Citizens Bank, Fiberlink Communications, inVentiv Health Clinical, Morgan Stanley Smith Barney and Fesnak and Associates.

For more news and information visit Blumberg Capital Partners.

Keystone JV Buys $233M Pennsylvania Portfolio

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.