The Opportunity

Keystone purchased a Class "C", five building, 228,000 SF office campus located in a highly desirable suburban location with easy access to major routes including the Pennsylvania Turnpike. In addition, the functionally obsolete buildings were difficult to access and rents were 30% below market.

The Strategy & Execution

Keystone's goal was to renovate the campus to a higher asset class by redeveloping the buildings with major capital improvements to include new glass elevators, granite floors and upgrades to the mechanical systems and HVAC. Renovations also included improving the site layout, new landscaping and new parking lot overlay (an additional 103 new spots were added), all to improve traffic, access and visibility.

The Result

In eighteen months, Keystone redeveloped the complex, now "Class A" level, and revitalized it by raising occupancy by 40% and increasing rental rates within the first nine months of ownership. We stabilized the net operating income with an institutional caliber rent roll including CIGNA, Citizens Bank, Chestnut Hill Hospital and Republic Mortgage Insurance. We then refinanced the campus in June 2006 and returned two times initial equity to the partners. In 2006, the Philadelphia Business Journal recognized Sentry Park as the Best Rehab/Renovation.

To find out more about Keystone, contact our team today.