In a very complex deal that took almost 8 months to complete, Pitcairn Properties obtained ownership of one of the Northeast's most prominent suburban office complexes in 2006. The Chesterbrook and Glenhardie Corporate Centers encompass 17 buildings on 170 acres and more than 1.27 million square feet of Class A office space in the highly desirable King of Prussia submarket. Notable tenants include Shire Pharmaceuticals, Inc., AmerisourceBergen, Auxilium Pharmaceuticals, Inc., Animas Corporation, 1&1 Internet, Inc., and GFK Holding, Inc.
Growing the company's assets under management by almost 50%, this acquisition represents a milestone for Pitcairn in that it pushes the company within reach of the $1 billion mark. Additionally, this transaction solidifies new relationships with equity partner SEB Investment GmbH, a $5.5 billion German open ended real estate mutual fund, and international lender Morgan Stanley.
On a project level, the acquisition of the Chesterbrook and Glenhardie Corporate Centers generates significant fee income and a low risk, stabilized current return. It creates a major presence in an elite Philadelphia submarket.