Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MT. LAUREL, NJ-Comcast IP Services has signed a lease for 44,173 sf at Executive Park at East Gate, also known as 112 W. Park Dr., marking the first tenant signing at the repositioned 114,000-sf building. As reported by GlobeSt.com, Keystone Property Group bought the asset from former occupant Sungard Data Systems in 2005 after the latter relocated to expanded facilities at 400 Laurel Oak Rd. in nearby Voorhees.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.