Rubenstein Companions has added Arcfield as a tenant at Chesterbrook Company Middle, a 14-building workplace campus totaling 1.1 million sq. toes in Wayne, Pa.
The federal government expertise and mission assist supplier signed a 36,000-square-foot, long-term lease and can occupy the whole third ground and part of the primary ground at 1400 Morris Drive. The four-story constructing encompasses some 239,600 sq. toes.
The corporate is the primary tenant to take area on the lately upgraded property. The deal additionally represents Arcfield’s first workplace transfer within the Philadelphia space in many years.
JLL labored on behalf of the owner, whereas Cushman & Wakefield represented Arcfield. Different notable tenants at Chesterbrook Company Middle embody Aclaris Therapeutics, The Higgins Group Inc. and Navigate Corp., amongst others, in keeping with CommercialEdge.
An upgraded Philly-area workplace advanced
Rubenstein Companions picked up Chesterbrook Company Middle in 2019. Pitcairn Properties offered the asset for $147 million, in keeping with the identical supply.
The proprietor accomplished a collection of capital enhancements on the total workplace advanced. Upgrades included the development of The Circuit, a two-story, 41,331-square-foot amenity heart that additionally options 20,000 sq. toes of coworking area, in addition to the addition of as touchless expertise and HVAC enhancements. The workplace buildings underwent inside and exterior renovations as nicely.
Accomplished in 1982, the property at 1400 Morris Drive has 4 passenger elevators, 29,700-square-foot floorplates and 1,088 car parking spots. Upgrades function new curtain glass partitions on the entrance and rear entrances and an expanded first-floor foyer, amongst others.
The 140-acre campus is simply north of U.S. Route 202 and near Interstate 76. The placement is 22 miles of downtown Philadelphia and 29 miles from Philadelphia Worldwide Airport.
Workplace vacancies on the rise in Philly
JLL’s crew of Government Vice Presidents Doug Newbert and Mike MacCrory, along with Senior Vice President Whitney Hunter, assisted the owner throughout negotiations. Senior Director John Shelly and Director Gina Brennan with Cushman & Wakefield represented the tenant.
The deal closed at a time of constant leasing momentum for Chesterbrook Company Middle. The property has seen roughly 100,000 sq. toes of recent leases and renewals closed over the previous months.
Nevertheless, the metro witnessed an increase in workplace vacancies. The speed clocked in at 17.8 p.c as of September, up 380 foundation factors over the 12 months, in keeping with a latest CommercialEdge report. Nonetheless, the index remained under the nationwide common of 19.5 p.c.
In September, JLL brokered a 82,757-square-foot renewal in Wilmington, Del. Regulation agency Potter Anderson & Coroon LLP signed a 13-year deal to maintain its headquarters at a 530,000-square-foot workplace constructing owned by Siegfried Group.
And, in early 2024, Dow signed a 800,000-square-foot extension at a 1.9 million-square-foot campus in Collegeville, Pa. Newmark represented the tenant.
