Press Release brought to you by Keystone Property Group

Just 15,000-Square Feet Remain at Class A Office Complex on Philadelphia’s Main Line

03/16/2012

Just 15,000-Square Feet Remain at Class A Office Complex on Philadelphia’s Main Line

Keystone Property Group, a leading real estate developer, manager and investor of office and industrial properties, today announced that Devon Square, the company’s premier Main Line office complex in Wayne, Pa., is now 90-percent leased following the completion of a new headquarters lease.

BlueGolf, a provider of a highly innovative systems developed exclusively for golf, signed a lease for nearly 5,000 square feet at Devon Square. The company will use the space as its headquarters and joins other marquis names on the tenant roster such as Merrill Lynch, Raymond James & Associates, Penn Liberty Bank, and Surgery Center of the Main Line.

“We are extremely excited to partner with Keystone Property Group in leasing up Devon Square,” said Doug Newbert of SSH Real Estate Partners, the property’s exclusive leasing agent. “Together we have increased occupancy from 70 to 90 percent in a relatively short period of time.”


Newbert and SSH Real Estate Partners’ John Susanin, along with Vice President Patrick Gallagher, represented Keystone, while CBRE First Vice President Thomas O. Bailey represented BlueGolf in the transaction. The lease leaves just 15,000 square feet of rentable space available at Devon Square.

The deal with BlueGolf is the latest in a series of transactions that has significantly increased occupancy at the office complex over the past year. Other notable recent transactions include a 7,816-square-foot lease with AudioCARE Systems, and a 5,000-square-foot lease with Evocal Dairy Trade, Inc.

“The strong leasing activity we have experienced at Devon Square is a testament to the success of our repositioning program at this property to enhance the business environment in an effort to attract high-caliber tenants,” said Bill Glazer, President of Keystone Property Group. “Devon Square benefits from a desirable location in one of the most sought-after markets along the Main Line, and our ability to create additional value at the complex has generated strong momentum.”

After acquiring Devon Square in 2007, Keystone executed an extensive renovation program to reposition the property into a Class A office complex, including the installation of new glass curtain walls, low-E windows, enhanced lobbies with granite flooring, remodeled common areas and bathrooms, and state-of-the art HVAC systems. The property is further highlighted by lush landscaping and a dramatic vehicular entrance, and includes amenities such as an on-site bank, hotel and various restaurants and stores within walking distance.

The property is located in the highly desirable Lancaster Avenue/Route 30 corridor, offering nearby access to Routes 476, 202, 76, 1-95 and the PA Turnpike.

 

About Keystone Property Group

Keystone Property Group is a leading real estate investor and developer, with offices located in Bala Cynwyd, Pa.; Chicago, Ill.; Miami, Fla.; and New York, NY. Keystone also sponsors and manages a series of opportunistic real estate investment funds. Keystone creates value for its investors through development, redevelopment, financing, leasing, property management and asset management. The company has been recognized by Inc. 500 magazine, the Entrepreneurs’ Forum and the Wharton Small Business Center, and several of its projects have earned “Best Real Estate Awards” from the Philadelphia Business Journal and BOMA (Chicago). For more information, please visit www.keystonepropertygroup.com.

 

03/17/2012 - 01:50

Source

Keystone Property Group

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