Amenity-Rich Suburban Office Complex Lands New Tenant
- Aug 11, 2015
National financial advisory firm Lincoln Investment Planning Inc. decided to relocate its corporate headquarters from Jenkintown to Fort Washington by next spring.
The company recently signed an 11-year lease agreement to occupy 48,412 square feet at 601 Office Center Drive within the Apex Fort Washington office park. The entire three-building, 400,000-square-foot complex is owned by Kairos Real Estate Partners.
Patrick Kelley of Avison Young represented the tenant while Jeff Mack, Adam Shute and Patrick Nowlan of Newmark Grubb Knight Frank represented the owner.
According to the Philadelphia Business Journal, Kairos purchased the property formerly known as Fort Washington Executive Center in January for $30 million and re-branded it as Apex Fort Washington. The seller was CWCapital Asset Management.
The facilities at 600, 601 and 602 Office Center Drive were 72 percent leased at the time of the acquisition. NutriSystem, Allstate Insurance and Astra Zeneca Pharmaceuticals are among the property’s tenants. Rents here range from the low- to mid-$20s per square foot.
And while the complex landed 73,000 square feet of new leases in the past six months, its occupancy level will stay the same as two of its tenants –AmeriHealth Administrators and Independence Blue Cross–will be relocating next year.
Kairos is now investing $5 million into the property’s renovation, which will include a full-service cafe, fitness center, 7,000 square feet of meeting space, as well as upgrades to the parking and outdoor areas. These features, according to Stephen J. Gleason, president of Kairos, attracted Lincoln Investment to relocate to Apex Fort Washington in March.
Photo credits: Newmark Grubb Knight Frank via Looplink