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RADNOR, PA-Conshohocken-based Keystone Property Trust acquired the 110,000-sf office building at 240 Radnor-Chester Rd. from locally based Rosemont Construction for $11 million or $100 per sf. “This property represented the only value-creation opportunity in Radnor,” Bill Glazer, Keystone’s president, tells GlobeSt.com.

The location is accessible by Septa regional rail and within walking distance of Downtown Radnor and the Radnor Hotel & Conference Center. Keystone has renamed the property Keystone Executive Campus and is investing $9 million in a total renovation that will bring the building, initially constructed in the 1950s, “up to class A status,” Glazer says. The upgrade calls for floor-to-ceiling glass windows, expanded lobbies and renovated interiors throughout in addition to new HVAC and mechanical systems.

Rosemont was located in the building, which is now vacant. Jeff Mack and John Susanin of GVA Smith Mack are marketing the property in units of from 3,000 sf to the full building. Glazer says, “pre-construction rental rates are in the high $20s per sf.” Meanwhile, Brandywine has announced plans for “multi-million-dollar” renovations to its five-building Radnor Corporate Center, which aggregates 733,000 sf within that company’s nearly 1.8-million-sf Radnor portfolio. Glazer says the Keystone property “brings an alternative” to the Radnor market.

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