The redevelopment and rebranding of what is now Crosspoint
at Valley Forge is nearing the finish line.
MIM-Hayden Real Estate Funds of Conshohocken, Pa., and the
Davis Cos. of Boston started in mid-2012 on a roughly $30 million total gut and
re-construction of the two office buildings at 530 and 580 E. Swedesford Road
in Wayne, Pa. The buildings were nearly empty, the facade a really unattractive
red faux brick and the interior dated.
The project not only included tearing the structures down to
the steel but connecting the two, four-story buildings to create room for a new
fitness center, conference center and café. The connector enlarged the square
footage of each floor and created what will end up being 272,000 square feet of
contiguous space upon completion. Space was also taken to create a total of 44
covered parking spots.
The project is seeking LEED gold. D2 Solutions is the
architect.
When the partnership picked up the properties, they were
about 90 percent vacant but leasing activity has been robust. Teleflex Inc.
will relocate from Limerick, Pa., into 84,000 square feet for its new
headquarters. In addition, two other leases are close to being wrapped up that,
if completed, will bring the complex up to 60 percent occupied before the
building officially opens next March, said Tony Hayden Jr. of Hayden Real
Estate.
Crosspoint has positioned itself as the less expensive
alternative to the Conshohocken, Pa., and Radnor, Pa., office markets, Hayden
said. Those highly desirable markets don’t have a lot of vacant space and
command rents well into the $30s a square foot. Its location at the crossroads
of Route 202, the Schuylkill Expressway and Swedesford Road also make it
accessible from different directions.
“We can compete for those deals,” he said. “We have all of
the amenities and cost less.”
Source: Philadelphia
Business Journal
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