Equus Capital Buys Suburban Philly Trophy Asset
- Jul 27, 2016
By Adriana Pop
Berwyn, Pa.—An affiliate of Equus Capital Partners has acquired 1000 Chesterbrook Blvd., a three-story Class A office building totaling 172,327 square feet in Berwyn, Pa. The area is part of the King of Prussia/Wayne submarket of Greater Philadelphia. The acquisition was made on behalf of Equus Investment Partnership X LP, a discretionary fund managed by Equus.
The seller, a joint venture between Brandywine Realty Trust, a publicly traded REIT based in Radnor, Pa., and Realen Properties, a Philadelphia-based real estate company, was represented by Douglas Rodio, James Galbally, John Plower and Chad Orcutt of JLL. The property was 92 percent leased at the time of acquisition.
Built in 1999, 1000 Chesterbrook Blvd., sits on 12.7 acres and currently boasts a greater-than-market parking ratio of 4.4 spaces per 1,000 square feet, with approximately 75 percent of the existing parking spaces within a parking garage. Equus is now planning to spend approximately $2 million to renovate the lobby and enhance the amenity spaces.
The building offers a convenient location at the interchange of Routes 202 and 252, just 5 miles south of the confluence of I-76, Route 202, the Pennsylvania Turnpike and Route 422. The King of Prussia/Wayne office market, which is 20 miles northwest of Center City Philadelphia, is the region’s largest suburban office submarket. This submarket also benefits from its convenient access to Philadelphia’s prestigious “Main Line” which is considered one of the most sought-after residential communities in the country. Additionally, 1000 Chesterbrook is within a 10-minute drive of one of the nation’s most notable retail destinations, the King of Prussia Mall—which ranks as the largest mall in the U.S. in terms of leaseable space—as well as the newly developed King of Prussia Town Center.
“1000 Chesterbrook has long been considered one of suburban Philadelphia’s trophy office buildings and appeals to tenants seeking best-of-class space in the Western Suburbs. With our strategic plan of enhancing certain building features and activating common areas coupled with 1000 Chesterbrook Boulevard’s proximity to the region’s most affluent towns, best school districts, and new retail attractions, we are confident that this asset will have significant appeal to the marketplace,” commented George Haines, vice president of Equus, who oversaw the transaction, along with Joseph Felici, acquisitions manager, and Timothy Feron, acquisitions analyst.
Image courtesy of Equus Capital Partners