JLL is pleased to present an opportunity to acquire 1000 Chesterbrook Boulevard in Berwyn, PA. The Property is a 172,327 square foot, three-story, “best-in-class” suburban office building ideally situated in one of the Philadelphia region’s most desired locations. 1000 Chesterbrook is widely viewed as one of the best suburban office buildings in Greater Philadelphia and will provide a new owner the opportunity to acquire a Trophy asset at pricing that is below replacement cost with yields at a premium to similar offerings in traditional gateway markets.
- 1000 Chesterbrook is currently 92.1 percent leased to a diverse, impressive and creditworthy tenant roster anchored by National Penn Bank (Moody’s Baa2 rating), Trinseo (B2), Wells Fargo (A2) and True Position (Ba3)
- The property offers cash flow stability with contractual rental income from National Penn, Trinseo and Wells Fargo who occupy a combined total of 58,821 square feet having an average weighted lease term of 4.8 years
- Vacancy continues to decrease at the top of the Class A market in Greater Philadelphia, and rents for similar Trophy buildings are pushing $35.00 per square foot today and increasing at a healthy clip of 2.0 – 3.0 percent annually
- With cost of new construction exceeding $350 per square foot, 1000 Chesterbrook will continue to be positioned as a price-competitive alternative for tenants seeking quality space in one of the preeminent suburban office buildings in the region
Vice President, JLL Capital Markets, U.S.