Kairos Capitalizes on Apex Repositioning
- Mar 23, 2017
Fort Washington, Pa.—Affiliates of Kairos Real Estate Partners and Artemis Real Estate Partners have completed a recapitalization of their interests in Apex Ft. Washington, a three-building, 400,000-square-foot Class A office campus located at 600, 601 and 602 Office Center Drive in Fort Washington, Pa.
An affiliate of Zeke Capital Advisors has acquired the majority of membership interests owned by Kairos and Artemis. Benefit Street Partners of New York provided new debt financing.
Kairos acquired the campus in December 2014. Since then, the company has leased 190,000 square feet of office space to tenants such as Citizens Bank, Allstate Insurance, Lincoln Investments, Impax Labs and Connexin.
Apex Ft. Washington offers an attractive setting, which includes the newly constructed Hub, a glass cube serving as the focal point of the campus, complete with fireplace, flat screen TV’s and lounge seating. The property also features new amenity spaces such as the Apex Café, the Apex fitness center and a 7,000-square-foot conference and training center, offered to Apex tenants on a complimentary basis. Outdoor grounds include seating for functions, casual gatherings with fire pits and a lawn for outdoor events.
The property is situated on 40 acres, just 16 miles northwest of Philadelphia’s CBD, providing easy access to the area’s two major roadways, as it sits just 1 mile from the interchange of PA Route 309 and the Pennsylvania Turnpike. The campus also has direct access to the Virginia Drive slip ramp of the Pennsylvania Turnpike, located just 0.2 miles away.
Other features suitable for large corporate users include abundant electrical power fed from two separate PECO substations, nine-foot finished ceiling heights, efficient floor plates, as well as on-site surface and structured parking.
Jeff Mack and Adam Shute of Newmark Grubb Knight Frank represented Artemis and Kairos in the transaction.
Image courtesy of Kairos Real Estate Partners