{"id":1004548334,"date":"2021-01-21T05:26:00","date_gmt":"2021-01-21T13:26:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004548334"},"modified":"2022-12-07T01:37:54","modified_gmt":"2022-12-07T09:37:54","slug":"keystone-property-group-sells-philadelphia-area-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/keystone-property-group-sells-philadelphia-area-asset\/","title":{"rendered":"Keystone Property Group Sells Philadelphia-Area Asset"},"content":{"rendered":"<div id=\"attachment_1004548336\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/150-Monument.-Image-courtesy-of-JLL-Capital-Markets.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004548336\" data-attachment-id=\"1004548336\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/keystone-property-group-sells-philadelphia-area-asset\/150-monument-image-courtesy-of-jll-capital-markets\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/150-Monument.-Image-courtesy-of-JLL-Capital-Markets.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D7100&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1592997984&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;10&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.002&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"150 Monument. Image courtesy of JLL Capital Markets\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;150 Monument. Image courtesy of JLL Capital Markets&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/150-Monument.-Image-courtesy-of-JLL-Capital-Markets.jpg?w=800\" class=\"wp-image-1004548336 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/150-Monument.-Image-courtesy-of-JLL-Capital-Markets.jpg?w=300\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/150-Monument.-Image-courtesy-of-JLL-Capital-Markets.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/150-Monument.-Image-courtesy-of-JLL-Capital-Markets.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/150-Monument.-Image-courtesy-of-JLL-Capital-Markets.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004548336\" class=\"wp-caption-text\">150 Monument. Image courtesy of JLL Capital Markets<\/p><\/div>\n<p>FLD Group has acquired 150 Monument Road, an almost fully occupied office building in Bala Cynwyd, Pa. Previous <a href=\"https:\/\/www.cpexecutive.com\/post\/lixil-inks-2-new-jersey-leases\/\">owner Keystone Property Group<\/a> sold the 132,986-square-foot asset with help from JLL, which marketed the property and procured the buyer. MidCap Financial Services LLC provided acquisition financing.<\/p>\n<hr \/>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.cpexecutive.com\/post\/office-deals-falter-though-the-suburbs-fare-a-bit-better-nar\/\">Office Deals Falter, Though the Suburbs Fare a Bit Better: NAR<\/a><\/p>\n<hr \/>\n<p>The office space in the six-story Class A building is split up into approximately 20,500-square-foot floorplates. 150 Monument Road was built in 1979 on a 6.5-acre site and\u00a0during Keystone\u2019s ownership underwent a $6 million renovation. The office property now also offers a four-story on-site parking structure, as well as more than 6,000 additional square feet for retail use.<\/p>\n<p>More specifically, Keystone\u2019s renovation of 150 Monument Road consisted in aesthetic capital improvements including upgrades to the lobbies, bathrooms and common areas, as well as building the four-story parking garage. Designed by Coscia Moos Architecture, the design called for pushing out the entrance wall to create a more open entrance and the development of an improved retail space.<\/p>\n<p>Brett Segal, managing director, and Doug Rodio, senior managing director, led the JLL Capital Markets team that represented the seller.<\/p>\n<h2>High occupancy office<\/h2>\n<p>Under Keystone\u2019s ownership, the office has reached a 90 percent occupancy through a variety of national and smaller, regional tenants. According to JLL, 50 percent of the tenants have occupied the property for more than 5 years and 35 percent of the tenants exceed 10 years. The four largest tenants also have a weighted average lease term of 4.2 years, according to JLL.<\/p>\n<p>With 150 Monument Road sold to FLD Group, Keystone continues to work on other nearby projects. In Conshohocken, Pa., the company is developing <a href=\"https:\/\/www.cpexecutive.com\/post\/keystone-property-to-build-12-story-philly-office-tower\/\">SORA West, a $325 million office project<\/a> that will rise 12 stories and span more than 400,000 square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JLL Capital Markets marketed the office property and procured the buyer.<\/p>\n","protected":false},"author":883,"featured_media":1004548336,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,10,21747],"tags":[32796,44006,35464],"class_list":["post-1004548334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-northeast","category-office","tag-jll","tag-jll-capital-markets","tag-keystone-property-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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