PRESS RELEASE: Keystone Property Group Announces 74,300-SF New Lease with Destination Maternity Corporation at Moorestown Corporate Center

BALA CYNWYD, PA – Keystone Property Group, a leading real estate developer, manager and investor of office and industrial properties, announced today that it recently completed a new 74,258-square-foot office lease with Destination Maternity Corporation, the world’s leading maternity apparel retailer, at Moorestown Corporate Center, a strategically located, three-building office campus.

The lease brings Moorestown Corporate Center to 85-percent leased. The property, which totals 222,823 square feet, provides immediate access to the heavily traveled Routes 38, 70 and 73; I-295; and the New Jersey Turnpike. Keystone purchased the property in 2012 and is currently completing a capital improvement program that will serve to differentiate Moorestown Corporate Center from other area office campuses.

“This lease is a testament to the success of our in-progress repositioning and lease-up strategy for this well-located office property,” stated Bill Glazer, President of Keystone Property Group. “Our reinvestment program for Moorestown Corporate Center will create a modern and unique work environment for this market that effectively addresses the requirements of tenants today.”

As part of Keystone’s capital improvement program for Moorestown Corporate Center, the company has already completed a full repaving of the complex’s surface parking, and is undertaking additional exterior improvements that include new landscaping and monument signage throughout the campus.

The interiors of the complex’s buildings will also benefit from significant reinvestment, with full renovations planned for the main and elevator lobbies and common areas of 224 and 232 Strawbridge Drive within the complex to incorporate new finishes and improved lighting. Keystone is also upgrading the complex’s HVAC systems.

Currently, there is a total of 34,000 square feet of space available in 224 Strawbridge Drive, which totals 74,000 square feet. The complex’s other two buildings – 228 and 232 Strawbridge Drive – are fully leased.

The buildings within Moorestown Corporate Center feature three-story glass atrium lobbies, unique floor configurations permitting numerous corner offices and flexible floor plan arrangements, and a high ratio of windows per floor. The complex is approximately 30 minutes from Center City Philadelphia and Philadelphia International Airport. The prestigious address also has proximity to a host of surrounding amenities including the nearby East Gate Square and Monmouth Mall shopping centers, numerous restaurants, and first-class hotels.

Jones Lang LaSalle Managing Director Brian Knowles and Executive Vice President Rick Widerman represented Destination Maternity Corporation in the transaction. Keystone was represented in-house by Senior Vice President Richard Gottlieb and Mid-Atlantic Regional Director Scott Paymer.

About Keystone Property Group

Keystone Property Group is a leading real estate investor and developer, with offices located in Bala Cynwyd, Pa.; Chicago, Ill.; Miami, Fla.; and New York, NY. Keystone also sponsors and manages a series of opportunistic real estate investment funds. Keystone creates value for its investors through development, redevelopment, financing, leasing, property management and asset management. The company has been recognized by Inc. 500 magazine, the Entrepreneurs’ Forum and the Wharton Small Business Center, and several of its projects have earned “Best Real Estate Awards” from the Philadelphia Business Journal and BOMA (Chicago). For more information, please visit www.keystonepropertygroup.com.

TAGS: Brokerage