Equus Capital Partners, Ltd. (Equus), one of the nation’s leading private equity real estate investment managers, announced today that an affiliate has acquired 1000 Chesterbrook Boulevard, a 3-story Class-A office building totaling 172,327 square feet located in Berwyn, PA, which is part of the King of Prussia/Wayne submarket of Suburban Philadelphia, PA. The acquisition was made on behalf of Equus Investment Partnership X, L.P., a discretionary fund managed by Equus.
The seller, a joint venture between Brandywine Realty Trust (“BDN”), a publicly traded REIT based in Radnor, PA and Realen Properties, a Philadelphia-based real estate company, was represented by Douglas Rodio, James Galbally, John Plower, and Chad Orcutt of Jones Lang LaSalle. The property was 92% leased at the time of acquisition.
1000 Chesterbrook Boulevard is a 3-story 172,327 square-foot Class-A office building that was built in1999 and sits on 12.7 acres. In order to reposition the asset, Equus plans to spend approximately $2 million on renovations to the lobby and enhancement of amenity spaces. The building currently boasts a greater-than-market parking ratio of 4.4 spaces per 1,000 square-feet with approximately 75% of the existing parking spaces within a parking garage.
1000 Chesterbrook Boulevard is conveniently located at the interchange of Routes 202 and 252, just 5 miles south of the confluence of I-76, US Route 202, the Pennsylvania Turnpike, and US Route 422. The King of Prussia/Wayne office market, which is 20 miles northwest of Center City Philadelphia, is the region’s largest suburban office submarket. This submarket also benefits from its convenient access to Philadelphia’s prestigious “Main Line” which is considered as one of the most sought after residential communities in the country. Additionally, 1000 Chesterbrook is within a 10-minute drive of one of the nation’s most notable retail destinations, the King of Prussia Mall (2nd largest mall in the U.S.) as well as the newly-developed King of Prussia Town Center.
“1000 Chesterbrook has long been considered one of Suburban Philadelphia’s Trophy office buildings and appeals to tenants seeking best of class space in the Western Suburbs. With our strategic plan of enhancing certain building features and activating common areas coupled with 1000 Chesterbrook Boulevard’s proximity to the region’s most affluent towns, best school districts, and new retail attractions, we are confident that this asset will have significant appeal to the marketplace,” commented George Haines, Vice President of Equus, who, along with Joseph F. Felici, Acquisitions Manager and Timothy Feron, Acquisitions Analyst, oversaw the transaction for the firm.
About Equus Capital Partners, Ltd. Equus Capital Partners, Ltd., is one of the nation’s leading private equity real estate fund managers. Equus’ portfolio consists of approximately 18 million square-feet of office, retail, and industrial properties and over 11,000 apartment units across 49 multi-family communities located throughout the United States. The firm is headquartered in the Philadelphia area, with a principal office in Yardley, PA, and with offices in Philadelphia, Chicago, Los Angeles, Washington, D.C., Boston, Atlanta, and Raleigh-Durham. For additional information, please visit the company’s website at www.equuspartners.com.
