Corvest purchases Valley Square in Blue Bell

Wayne — CBRE Group, Inc. (CBRE) announced Thursday it has been retained to lease and manage the “new” Valley Square Office Park in Blue Bell. The CBRE team of Senior Vice President Dan Dagit, First Vice President Mike Bronstein and associate Tom Stone will represent new property owner Corvest Realty Group, Inc. (Corvest).

Corvest, which plans to make the five-building office complex totaling 293,936 square feet “best in class,”is committing $10 million to capital improvements at the properties, including lobby and entrance renovations, HVAC upgrades and landscaping. Eimer Design has been to draw up the plans which will transform the complex into what is being branded as the “new Valley Square,” said Michael Corenzwit, Corvest founder and principal.

“Our Team looks forward to providing our customers with beautifully renovated buildings, personal service and compelling economics at the new Valley Square,” Corenzwit said.

Leasing at a competitive new price of $16.50 per square foot, Valley Square is set to “rock the market,” Dagit said, with rents in the Blue Bell office submarket running in the low to mid $20s per square foot. Suites are available from 2,500 to 70,000 square feet.

Valley Square Office Park is easily accessible off Walton Road and Township Line Road, thus eliminating traffic concerns. Located one mile from Plymouth Meeting Mall,it is just off I-476 (Blue Route), I-276 (Pennsylvania Turnpike), and can be accessed from Germantown Pike.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm, in terms of 2012 revenue.The company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide.

Source: Times Herald