Newtown Square office deal opens Henderson’s horizons
Real estate group buys five buildings for $42 million and eyes opportunity in Chester and Montgomery counties
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 groundup 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-square-foot building features a two-story, glassenclosed café.