The Opportunity

Keystone had a vision for this vacant 1960's, 103,000 SF, Class "C" asset located in the one of the most desirable Philadelphia submarkets with easy access to regional highways and public transportation. The building was formerly used for single tenant back office space and provided a challenge to overcoming the site and structural limitations of the original building and its footprint.

The Strategy & Execution

In order to take partial ownership and control of the asset, Keystone first had to structure a joint venture with the seller to accommodate their special tax needs. Complete redevelopment of the asset included a two story atrium lobby, a new brick exterior, low E glass and glazing systems for the new increased window lines, new roof mounted HVAC systems and European-style ADA-compliant bathrooms with hands free fixtures.

The Result

We created an attractive, institutional grade asset that attracted a full building, 103,000 SF user. Main Line Health System signed a long term lease, achieving stabilization of the project with one tenant. Also, in one of the most challenging lending markets in the history of real estate, Keystone was able to procure a new $17.5 Million loan from Sovereign Bank that was necessary to secure additional funds to meet the required parking requirements of Main Line Health. In 2010, the Philadelphia Business Journal awarded the Main Line Health lease, Best Suburban Office Lease.

To find out more about Keystone, contact our team today.