Anne Klein of Grubb & Ellis represented KPG in the signing, while Marc Policarpo and Bob Corr of Binswanger represented Comcast. The terms were not disclosed, but a statement released by KPG states that, "the lease exceeds $5 million in value."
"One of the region's most respected corporations has chosen to lease a significant amount of space at our newest project," says Rich Gottlieb, senior vice president of marketing and development for the Conshocken, PA-based KPG. "While the location of this property is very desirable, the building's extensive deferred maintenance did not meet their standards. But our plan to improve and upgrade the property made this the best option."
The upgrade, which began after KPG's Keystone Property Fund I LP bought the asset from Sungard a year ago, involves an EFIS exterior with individual entrances, low E-glass and glazing system, a new roof, a new HVAC system and upgraded landscaping. The price tag for turning the single-store structure into what Gottlieb terms, "a class A office environment," has been estimated at "more than $9.2 million." The acquisition price for the building in 2005 was not disclosed.
The building has frontage on both East and West Park Drives within the masterplanned Eastgate Business Park, one of the largest such projects in South Jersey. It also has frontage along the adjacent New Jersey Turnpike.
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