Ensemble Investments Buys Philadelphia-Area Office Buildings

January 20, 2023

Investment News Northeast Office More Philadelphia

Prologis sold the two assets, one of which is slated for redevelopment.

650 and 680 E. Swedesford Road. Image courtesy of Ensemble

Ensemble Investments has acquired two office buildings totaling 203,887 square feet in Wayne, Pa. The previous owner was Prologis, according to CommercialEdge data. CBRE negotiated on behalf of the seller and secured acquisition financing for the buyer from TriState Capital.

The purchase of the Wayne office buildings follows another high-profile Ensemble investment in the nation’s birthplace, a joint venture with Oxford Properties Group for the creation of a 3 million-square-foot life science hub. Additionally, the company is spearheading the $4 billion redevelopment of the city’s Navy Yard district.

The newest additions to Ensemble’s office portfolio

Both properties came online in 1998 at 650 and 680 E. Swedesford Road, respectively. The 101,627-square-foot building at 650 E. Swedesford underwent a cosmetic renovation in 2018 that added a new glass exterior, on-site café and fitness center.

In 2021, the building at 680 E. Swedesford was fully vacated, creating the opportunity for the owner to renovate it and bring it to Class A standards. Ensemble Senior Vice President Mark Seltzer said, in a prepared statement, that the firm has further leasing and redevelopment plans for both assets.

Situated in Philadelphia’s King of Prussia submarket, the properties are close to numerous retail, dining, entertainment and hospitality options. Additionally, the complex is close to several local and state highways, such as the Interstate 76 and Route 202, offering quick access to much of metro Philadelphia; the city’s downtown area is 16 miles away.

TriState Capital Senior Vice President Dave Segal provided the acquisition financing that was secured by CBRE Senior Vice President Nick Harris, Executive Vice President Steven Doherty and Vice President Jake Helmig on behalf of Ensemble. Executive Vice Presidents Doug Rodio and Robert Fahey, as well as Senior Vice Presidents Jerry Kranzel and Bruer Kershner, represented the seller.