PHILADELPHIA,PA–Dallas-based PNL Companies has acquired the Malvern Executive Center, located at 100 Deerfield Lane in Malvern, PA, from LNR for an undisclosed amount. Peter Stevens of CBRE represented the seller in the transaction.
CBRE's Tom Bailey and Steve Gersbach will be marketing the three story, 89,000 square foot office building for PNL.
“The Malvern Executive Center is a class A office building that will compete actively at a lower price point to its competition in the rapidly growing and desirable Malvern submarket,” says Daniel Levitan, managing director with The PNL Companies. “We are working with a local design team to update the building's finishes and common areas. Our intent is to provide our tenants with a high quality experience at an affordable price.”
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“That an out of state buyer would see the value in this propery speaks volumes of the red hot market in Malvern,” says Tom Bailey, first vice president with CBRE. “The PNL Companies is a high-profile asset management company based in Dallas, and they plan significant renovations and amenities upgrades in the near future, making it an attractive location for tenants. The campus is situated on a tranquil setting, with ample parking, and there is flexibility here for tenants who require small or large blocks of space. It is also ideally situated on Lancaster Ave, providing access to a wide range of restaurants and other amenities.”
Built in 2003, Malvern Executive Center currently has 52,793 square feet of rentable space, including a 30,700 square-foot full floor space previously occupied by ING, and three smaller suites ranging from 2,600 square feet to 12,000 square feet.
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Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
