Brandywine Lands 119 KSF Office Tenant

November 18, 2024

Office Brokerage Mid-Atlantic NewsMorePhiladelphia

A global industrial solutions company will occupy the suburban Philadelphia space.

Exterior shot of 250 Radnor in Wayne, Pa. — The 168,000-square-foot life science and office building is the adaptive reuse of a medical office property. *Image courtesy of CommercialEdge*

Brandywine Realty Trust has signed a 119,000-square-foot lease at 250 Radnor, a life science and office building in Radnor, Pa., a Philadelphia suburb. The tenant is a global industrial solutions company.

The 168,000-square-foot property is the adaptive reuse of a former medical office building. The facility, designed to fully accommodate lab tenants such as West Pharmaceutical, Quanta Therapeutics and Penn Medicine, is now fully leased.

Design firm NORR oversaw the repositioning project that was completed in 2022. Building additions comprised a coffee bar and lounge, a redesigned lobby and multiple healthy building practices.

Brandywine Realty Trust acquired the asset in January 2021 from Penn Medicine, according to CommercialEdge information. The company paid $20.3 million—or $81 per square foot.

The four-story facility originally came online in 1989. The mid-rise features floorplates averaging 25,370 square feet and 250 parking spaces. Located at 250 King of Prussia Road, the building is about 18 miles from downtown Philadelphia and 21 miles from the city’s international airport.

The property is also part of the Radnor Life Science Center, a 26.6-acre complex consisting of four Class A life science buildings totaling nearly 1 million square feet. Brandywine recently completed 155 Radnor, a 145,000-square-foot office building that is already fully leased to Arkema S.A., a global supplier of specialty materials.

Philly vacancy rates on the rise

Metro Philadelphia’s office vacancy rate at the end of September clocked in at 17.8 percent, up 380 basis points year-over-year, but below the 19.5 percent national figure, according to a CommercialEdge report. The market fared better than New Jersey (20.2 percent), while Boston (16.4 percent) and Manhattan (16.8 percent) had less vacant space.

Earlier this fall, law firm Potter Anderson & Corroon LLP renewed its headquarters commitment at 1313 N. Market St., a 530,000-square-foot property in Wilmington, Del. The company will occupy the 82,757-square-foot office space for another 13 years.

And, more recently, Arcfield committed to 36,000 square feet at Rubenstein Partners’ Chesterbrook Corporate Center, a 14-building office campus spanning 1.1 million square feet, also in Wayne, Pa. The company is the first to take space at the recently upgraded property, located some 9 miles northwest of 250 Radnor.