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.

Bay Colony Corporate Center Sold for $185M

Lender Prudential Financial has entered into an agreement to sell Bay Colony Corporate Center in Waltham, MA for an aggregate purchase price of approximately $185 million to Boston Properties according to the Boston Herald. The purchase price consists of approximately $41.1 million of cash and the assumption of approximately $143.9 million of indebtedness. Prudential is selling the trophy property after seizing the site from former owner Eastern Real Estate last year. The closing is scheduled to occur in the fourth quarter of 2010 and is subject to customary closing conditions.

Bay Colony Corporate Center is a world-class office park located on 58 acres of forested land just minutes to downtown Boston. The four-building office park has approximately 1,000,000 square feet of Class A office space constructed between 1985 and 1998, with tenants including Cato BioVentures, Massachusetts Life Sciences Center, and Comerica Bank.

For more news and information visit Blumberg Capital Partners.