Rubenstein Partners Inks Philly-Area Office Lease
Rubenstein Partners has added Arcfield as a tenant at Chesterbrook Corporate Center, a 14-building office campus totaling 1.1 million square feet in Wayne, Pa.
The government technology and mission support provider signed a 36,000-square-foot, long-term lease and will occupy the entire third floor and a part of the first floor at 1400 Morris Drive. The four-story building encompasses some 239,600 square feet.
The company is the first tenant to take space at the recently upgraded property. The deal also represents Arcfield’s first office move in the Philadelphia area in decades.
JLL worked on behalf of the landlord, while Cushman & Wakefield represented Arcfield. Other notable tenants at Chesterbrook Corporate Center include Aclaris Therapeutics, The Higgins Group Inc. and Navigate Corp., among others, according to CommercialEdge.
An upgraded Philly-area office complex
Rubenstein Partners picked up Chesterbrook Corporate Center in 2019. Pitcairn Properties sold the asset for $147 million, according to the same source.
The owner completed a series of capital improvements at the entire office complex. Upgrades included the construction of The Circuit, a two-story, 41,331-square-foot amenity center that also features 20,000 square feet of coworking space, as well as the addition of as touchless technology and HVAC improvements. The office buildings also underwent interior and exterior renovations.
Completed in 1982, the office building at 1400 Morris Drive includes four passenger elevators, 29,700-square-foot floorplates and 1,088 vehicle parking spots. Upgrades feature new curtain glass walls at the property’s front and rear entrances, an expanded first-floor lobby and improved elevators, corridors.
The 22-acre property is just north of U.S. Route 202 and close to Interstate 76. The location is 22 miles of downtown Philadelphia and 29 miles from Philadelphia International Airport.
Recent deals in the metro
JLL’s team of Executive Vice Presidents Doug Newbert and Mike MacCrory, together with Senior Vice President Whitney Hunter, assisted the landlord during negotiations. Senior Director John Shelly and Director Gina Brennan with Cushman & Wakefield represented the tenant.
The deal closed at a time of consistent leasing momentum for Chesterbrook Corporate Center. The property has seen approximately 100,000 square feet of new leases and renewals closed over the past months.
However, the metro witnessed a rise in office vacancies. The rate clocked in at 17.8 percent as of September, up 380 basis points over the year, according to a recent CommercialEdge report. Nonetheless, the index remained below the national average of 19.5 percent.
In September, JLL brokered a 82,757-square-foot renewal in Wilmington, Del. Law firm Potter Anderson & Coroon LLP signed a 13-year deal to keep its headquarters at a 530,000-square-foot office building owned by Siegfried Group.
And, in early 2024, Dow signed a 800,000-square-foot extension at a 1.9 million-square-foot campus in Collegeville, Pa. Newmark represented the tenant.
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