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Conshohocken actual property agency Maguire Hayden has bought 466 Devon Park Drive in Wayne to Hines, a world actual property firm headquartered in Houston, for $57 million, Natalie Kostelny writes for philadelphia enterprise journal,
The 155,200 sq. ft constructing was as soon as owned by Merck. The pharmaceutical big bought it to Maguire Hayden in 2016 for $7.9 million. The constructing was vacant at the moment.
In 2018, the property, together with 72,000 sq. ft of laboratory and related house, was leased by Charles River Laboratories, a life sciences firm that consolidated its King of Prussia and Malvern operations into the Wayne facility. The lease runs till June 2036.
The sale demonstrates the attraction of investing in properties leased to Life Sciences tenants in addition to the power of the Swedenford Highway Hall.
Learn extra about gross sales in philadelphia enterprise journal,