Conshohocken real estate firm Maguire Hayden has sold 466 Devon Park Drive in Wayne to Hines, a global real estate company headquartered in Houston, for $57 million, writes Natalie Kostelni for the Philadelphia Business Journal.
The 155,200-square-foot building was once owned by Merck. The pharmaceutical giant sold it to Maguire Hayden in 2016 for $7.9 million. At that time, 72,000 square feet of lab and related space was vacant.
Maguire Hayden renovated the interior and exterior of the building.
In 2018, the property with 72,000 square feet of lab and related space was leased by Charles River Laboratories, a life sciences company that consolidated its King of Prussia and Malvern operations into the Wayne facility. The lease runs through June 2036.
The sale demonstrates the appeal of investing in properties leased to life sciences tenants as well as the strength of Swedesford Road corridor.
The building lies within an office submarket, the Swedesford Road Corridor, that appeals to investors and tenants because it is close to the King of Prussia Town Center and Life Time fitness center, and because it is close to several major roads.
Read more about the sale of 466 Devon Park Drive in the Philadelphia Business Journal.