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Rubenstein Acquires One of Philly Region’s Largest Office Parks
Rubenstein Partners closed on its acquisition of Chesterbrook Corporate Center, a 1.1- million-square-foot, 14-building Class A office park in the Philadelphia suburb of Chesterbrook, PA. The complex’s new ownership plans a makeover.
Deal terms weren’t disclosed. In May, the Philadelphia Business Journal reported that Rubenstein and seller Pitcairn Properties had Chesterbrook under contract for $148.5 million.
Currently more than 80% occupied, the 140-acre Chesterbrook is one of the region’s largest office parks. It adds to Rubenstein’s Philadelphia-area presence, including Makefield Crossing in suburban Bucks County, and the Wanamaker Building in Center City, among other properties.
“Our capital improvement plan will completely reimagine Chesterbrook, taking advantage of the beautiful park-like setting while providing an amenity package that we expect to be unparalleled in a Philadelphia suburban office portfolio,” said Rubenstein’s Lou Merlini. “We are very excited for the opportunity to restore Chesterbrook to the pre-eminent office destination in the market.”
Pictured: 955 Chesterbrook Blvd.
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- ◦Sale/Acquisition
