Chambers Closes on Two 300 KSF Suburban Philly Office Buildings
- Feb 11, 2013
Chambers Street Properties, of Princeton, N.J., recently closed on its acquisition of 1400 Atwater Drive, a pair of five-story Class A office buildings, totaling 300,000 square feet, in Malvern, Pa., the company announced last Thursday.
Financial terms of the transaction were not disclosed, and a spokesperson indicated Friday that additional information about the deal was not available from the company because of the blizzard hitting the East Coast.
In January 2012, Chambers Street, then still known as CB Richard Ellis Realty Trust, announced that it and Trammel Crow, a CBRE Group subsidiary, were entering into a JV to develop the two 150,000-square-foot buildings as a BTS for Endo Health Solutions. Endo is described as a specialty healthcare solutions company focused on branded products, generic pharmaceuticals and medical devices and services.
The JV and project were Chambers Street’s first foray into the Philadelphia metro area. The buildings have since been completed, and Endo occupies them as its corporate headquarters.
Endo was for many years the generic-pharmaceuticals division of DuPont Merck, but in 1997 was taken private by three DuPont Merck executives in a $277 million leveraged management buyout. Endo is perhaps best known as the originator of and trademark holder for the painkillers Percocet (oxycodone with paracetamol/acetaminophen) and the older Percodan (oxycodone with aspirin).
The two 1400 Atwater Drive buildings are connected by a two-story glass lobby and feature a cafeteria, fitness center and conference center on a 15-acre site overlooking the 60-acre Atwater Lake. They’re within Atwater Corporate Center, a 388-acre business park situated off I-76 (the Pennsylvania Turnpike) at Pennsylvania Highway 29. In December, an all-electronic toll interchange was completed at the Turnpike and Route 29, with direct access to the park.
According to SEC filings, in mid-September Chambers Street entered into an agreement for a $700 million four-year unsecured, revolving credit facility with Wells Fargo Securities L.L.C., RBC Capital Markets, Royal Bank of Canada, Bank of Montreal, Barclays Bank P.L.C., JPMorgan Chase Bank N.A., Regions Bank and TD Bank N.A. It replaced Chambers Street’s existing $125 million secured, revolving credit facility.