Rubenstein Partners has obtained $127 million in refinancing from Waterfall Asset Management for its 1.1 million-square-foot office campus in Chesterbrook, writes Paul Schwedelson for the Philadelphia Business Journal.
The 14-building property off Duportail Road, near the Chesterbrook Road and Route 202 intersection, is currently 50 percent occupied, according to Rubenstein Vice President Brian Simel, but occupancy is expected to climb to 66 percent soon based on signed leases and others that are in the final negotiation stages.
Cencora, previously known as AmerisourceBergen, had leased 190,000 square feet at the complex for its headquarters before choosing on moving to Conshohocken in 2021.
In mid-2024, Rubenstein secured 131,000 square feet of leases for the property, including 36,000 square feet for Arcfield, a government defense contractor.
“That leasing momentum is what gets us excited to invest new money into this at a time when a lot of folks aren’t investing new money into office,” said Simel. “We’re doing that because we deeply believe in this deal in spite of headwinds from Covid that I think we’re getting past.”
Rubenstein acquired the property in 2019 for $148.5 million and has since invested an additional $55 million into upgrades and renovations.
Read more about Rubenstein Partners refinancing and aiming to up leasing in Chesterbrook in the Philadelphia Business Journal.
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