Keystone Inks 51 KSF Lease at Philadelphia-Area Property

1K1

Keystone Development + Investment has landed a new tenant at 1K1, an 11-story office building in Conshohocken, Pa. Management consulting company CBIZ Inc. signed up for 50,850 square feet at the property and plans to move to the suburban Philadelphia location in the third quarter of 2023.

Seamus Byrne, Eric Galanti and Bill Main of CBIZ Gibraltar Real Estate Services, along with Ryan Conner of Tactix, represented the tenant, while Keystone’s Rich Jones and Tom Sklow worked on behalf of the landlord.

Keystone acquired the 253,985-square-foot asset from Arden Group in 2019. According to CommercialEdge data, at the time of the sale the property became subject to a $53 million loan, provided by Varde Partners, with a maturity date set for 2029.

The company owns 22 office buildings in the Philadelphia market, totaling approximately 5.4 million square feet, the same data provider shows. According to the latest CommercialEdge national office report, Philadelphia’s vacancy rate hit 14.2 percent in November, up 200 basis points year-over-year, and below the national average, which stood at 16.3 percent that month.

A modern office in suburban Philadelphia

Built in 1988, the Class A property underwent cosmetic renovations in 2014. After purchasing the asset, Keystone launched a multimillion-dollar renovation plan, turning 1K1 into the first building in the market that uses artificial intelligent dynamic smart glass technology, significantly cutting energy costs.

Located at 1001 Conshohocken State Road, the property is next to Interstate 76 and 13 miles from downtown Philadelphia. Tenants have access to dining options in the surrounding area, while Conshohocken train station is less than 1 mile away. Building amenities include a conference room, outdoor terrace, fitness center and a café. The current tenant roster comprises Plan Management Corp., Advantexe and Burns White, among others.