PHILADELPHIA–(BUSINESS WIRE)–Ensemble Investments LLC has purchased two buildings in the highly desirable King of Prussia submarket. The properties, 650 and 680 E. Swedesford Road, offer a combined 203,887 square feet of Class A office space directly adjacent to the intersection of Interstates 76 and 476, and Routes 202 and 422.
“The building at 650 E. Swedesford is arguably the highest quality office property in the Philadelphia suburbs,” said Mark Seltzer, Senior Vice President, for Ensemble. “The acquisition aligns with our strategy of owning top level assets in highly desirable locations. We are excited to proceed with a plan to complete the leasing and redevelopment of the assets.”
Ensemble is led locally by Senior Vice Presidents Mark Seltzer and Brian Cohen, both former Liberty Property Trust executives who joined the firm in 2020 as part of Ensemble’s strategy to be a premier owner and developer on the East Coast. Ensemble adds the acquisition to its nearly one million square foot Philadelphia portfolio of life science and Class A office buildings at the Navy Yard in Philadelphia. The company is leading the $4 billion redevelopment of the iconic location as part of a joint venture. The Long Beach, Ca. based developer has successfully invested more than $2 billion in real estate across the United States and has another $2 billion in the pipeline.
The 101,627 square foot building at 650 E. Swedesford was renovated in 2018 and is 75% leased. It features a new glass and metal panel façade, café and fitness center. Parking is free and plentiful, and the property is minutes from King of Prussia Town Center, the region’s most dynamic mixed-use complex.
At 680 E. Swedesford, a long-term full-building tenant vacated the property at the end of 2021, creating the opportunity to renovate it to a Class A office building. The 102,260 square foot building features one of the region’s only contiguous 100,000-plus square foot office spaces in a premier submarket.
“As employers are bringing employees back to the office, Class A buildings in highly amenitized submarkets are more important that ever. Our plan is to design 680 E. Swedesford for tenants seeking the highest quality workplace in the most attractive location with the goal of employee attraction and retention,” said Cohen.
Dave Segal, Senior Vice President in the Philadelphia Office of TriState Capital provided the financing. Nick Harris, Steven Doherty, and Jake Helmig of CBRE’s Debt & Structured Finance team secured the mortgage financing on behalf of Ensemble.
CBRE’s Greater Philadelphia capital markets team including Doug Rodio, Robert Fahey, Jerry Kranzel, and Bruer Kershner represented the Seller.
During the last 40 years, Ensemble has evolved into a well-respected development industry leader, revolutionizing the art of master planning and development. Headquartered in Long Beach, Ca. with offices in Phoenix and Philadelphia, the company develops life science, corporate, hospitality, multifamily and mixed-use properties designed to transform and inspire the communities they serve. For more information visit www.ensemble.net.