Office deal opens new horizons for group

Real estate group buys 5 buildings for $42 million and eyes opportunity in Chester and Montgomery counties

A recent $42 million acquisition signals a change of direction for an area commercial real estate developer.

The Henderson Group, based in Media, recently bought five buildings of professional space totaling 250,000 square feet from Brandywine REIT in Newtown Square, Delaware County. The acquisition gives the company that has historically focused on Delaware County properties, including those near the Philadelphia International Airport, with a presence closer to the Chester and Montgomery county markets it plans to enter in the near future, said Brian Wilbur Coyle, president and chief executive officer of The Henderson Group.

“Our goal is to expand throughout the Philadelphia area,” Coyle said. While nothing specific is in the works, a “logical jump” would be along Route 202 in the Malvern/Wayne/King of Prussia areas, Coyle said.

The latest transaction is different in another way for The Henderson Group. Typically, it has purchased land and then built offices to suit for its clients. This time, it purchased five existing buildings, with all but one 100 percent occupied, from Brandywine REIT.

“Brandywine is refocusing their portfolio,” Coyle said in explaining why the buildings were available.

All five properties are located on Campus Boulevard at the intersection of West Chester Pike and Route 252 in Newtown Square. Coyle said their proximity to attractions like the Aronimink Golf Club, Ellis Preserve and Episcopal Academy is a selling point. All but one of the buildings, 17 Campus Boulevard, are occupied. Henderson will actively pursue new tenants to lease the two-story, 50,000 square foot space, which is ideal for financial services, professional services and healthcare companies, Coyle said.

“When clients choose Henderson, they trust that we can grow with them as their business grows,” the CEO said. “Through strategic acquisitions of office and flex properties in desirable locations, we’ll further expand our footprint ... Our 90-year history is rooted in construction and ground-up development, and we’ll also continue to build new Class-A space to meet our tenants’ evolving needs.”

With 30 employees, Henderson owns and operates more than 3 million square feet of commercial real estate and plans to reach 10 million square feet within the next 10 years.

In August, Henderson completed the construction of Brandywine 6, an office building in Chadds Ford that is the new headquarters for Franklin Mint Credit Union, the largest financial institution in Delaware County. The 70,932-squarefoot building features a twostory, glass-enclosed café.

To contact Business Writer Brian McCullough, call 610-235-2655 or send an email to bmccullough@21stcenturymedia.com.

SUBMITTED PHOTO One of the buildings in Newtown Square that The Henderson Group recently bought from Brandywine REIT.

SUBMITTED PHOTO One of the buildings in Newtown Square that The Henderson Group recently bought from Brandywine REIT.

SUBMITTED PHOTO One of the buildings in Newtown Square that The Henderson Group recently bought from Brandywine REIT.