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.

Mack-Cali Selling Suburban Philadelphia CRE Portfolio

Mack-Cali Realty Corporation announced this week that it had entered into agreements, forming joint ventures with a fund sponsored by Keystone Property Group, to sell Mack-Cali's 15 commercial real estate properties as well as three land parcels in the suburban Philadelphia market. According to the company's press release, the portfolio will be sold for approximately $233 million: $201 million in cash, a $10 million mortgage secured by One Plymouth Meeting, and subordinated interests in the portfolio with capital accounts aggregating $22 million.

The properties include:

• 150 Monument Road, Bala Cynwyd; 125,783 square feet

• 1000-1235 Westlakes Drive, Westlakes Office Park, Berwyn; 444,350 square feet

• 4 & 5 Sentry Park, Blue Bell; 193,930 square feet

• 100-300 Stevens Drive, Airport Business Center, Lester; 371,000 square feet

• 1000 Madison Avenue, Lower Providence;100,700 square feet

• Rose Tree Corporate Center I and II, 1400 N. Providence Road, Media; 260,000 square feet

• One Plymouth Meeting, 502 W. Germantown Pike, Plymouth Meeting; 167,748 square feet

Mitchell Hersh, President and CEO of Mack-Cali, said, "My relationship with Keystone has afforded us the opportunity to make this transaction happen. It offers our Roseland subsidiary an opportunity to develop additional luxury multi-family properties that are in line with our reputation for building best in class residential at the gateway to the Main Line in Philadelphia. In addition, Mack-Cali will have the opportunity to redeploy the proceeds from this sale into more strategic growth opportunities."

For more news and information visit Blumberg Capital Partners.

Keystone Picks Up Moorestown Corporate Center for $20M

Moorestown Corporate Center on Strawbridge Drive in Moorestown, New Jersey traded hands this month as Mack-Cali Realty sold the complex to a fund sponsored by Keystone Property Group for approximately $19.9 million. "The sale of these buildings continues our plan of recycling our capital out of non-core assets," said Mack-Cali chief executive Mitchell Hersh.

Moorestown Corporate Center includes three buildings at:

224 Strawbridge Drive (74,000 square feet)
228 Strawbridge Drive (74,565 square feet)
232 Strawbridge Drive (74,258 square feet)

According to a NASDAQ report, the property was 61.4% leased at the time of sale. Mack-Cali was represented by Jones Lang LaSalle in the transaction, with Shaw Environmental, an engineering firm, occupying all 74,565 square feet of space in the building at 228 Strawbridge.

For more news and information visit Blumberg Capital Partners.

PCCP Provides $23.75M Loan for PA Office Complex

Pacific Coast Capital Partners, LLC, (PCCP) provided a $23.75 million senior loan to Bala Cynwyd, PA-based Keystone Property Group for the recapitalization of a five-building Class A office complex according to a National Real Estate Investor article. John Randall, senior vice president of PCCP said "we see this property as one with strong growth potential over the coming years and believe Keystone, as a premier suburban office owner, will manage the property effectively and increase tenant interest."

Built in 1973, the property underwent a substantial transformation when Keystone invested more than $10 million to re-skin and modernize four of the five buildings and make other high-end enhancements. The complex totals just over 228,000 square feet within Sentry Park West in Blue Bell, PA, a suburb of Philidelphia. The property consists of five office buildings: Gwynedd Hall, Dublin Hall, Abington Hall, Merion Towle, and a PNC Bank branch. "This property appeals to small and mid-size tenants looking for a prestigious location and smaller floor plates that offer corner glass with superior light and air," said John Prete, vice president with PCCP.

For more news and information visit Blumberg Capital Partners.