Keystone Property Group Completes 72,500 SF Lease Extension and Expansion with Comcast in Mt. Laurel, N.J.
Deal Brings Executive Park at East Gate to 100 Percent Leased
MOUNT LAUREL, N.J. (June 5, 2012) – Keystone Property Group, a leading real estate developer, manager and investor of office and industrial properties, today announced that it has secured a 72,500-square-foot lease extension and expansion with Comcast at the Executive Park at East Gate, located at 112 West Park Dr. in Mt. Laurel, N.J.
Comcast, the nation’s largest cable operator and home Internet service provider, is headquartered in Philadelphia, Pa., and is expanding its research and development operations in Mt. Laurel, N.J. CBRE Executive Vice President Jon Sarkisian, Vice President Brian Saggiomo and Senior Associate Anthony LiVechhi represented Keystone, while Binswanger Senior Vice Presidents Marc Policarpo and Robert Corr represented the tenant in the transaction.
As a result of Comcast’s lease renewal and expansion, the building is now 100 percent leased. Currently Harleysville Insurance, a subsidiary of Nationwide Insurance, is also a tenant at the building.
“Comcast already occupied 44,000 square feet at Executive Park and needed a significant amount of expansion space to support its growing operations,” said Bill Glazer, President of Keystone Property Group. “This building is situated at the confluence of four major highways and is ideal for the company’s existing and future needs. The added space was a natural fit for Comcast’s organic growth and we are extremely pleased to be able to accommodate the company’s space requirements while bringing the building to full occupancy.”
The 114,000-square-foot Executive Park at East Gate was a previously vacant data center purchased by Keystone more than six years ago. Shortly after acquiring the facility, Keystone repositioned the property into high-quality office building via an extensive capital improvement program that was completed in 2007. The renovations included a new façade and roof, all new mechanical and HVAC systems, new interior finishes with an attractively refurbished lobby entrance, prominent individual entrances for multiple tenants, a new glass and glazing system with increased window lines, and ADA compliant bathrooms. Additional parking was also created.
The building is strategically located near exit 4 off of the New Jersey Turnpike, Interstate 295, Route 38 and Route 73. It is also in close proximity to a host of area amenities, including hotels and restaurants, and is just minutes away from the Moorestown Mall.
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.