{"id":1004735480,"date":"2024-11-01T08:16:00","date_gmt":"2024-11-01T16:16:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004735480"},"modified":"2024-11-01T08:28:48","modified_gmt":"2024-11-01T16:28:48","slug":"rubenstein-partners-inks-philly-area-office-lease","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-inks-philly-area-office-lease\/","title":{"rendered":"Rubenstein Partners Inks Philly-Area Office Lease"},"content":{"rendered":"\n

<\/p>\n\n\n

\n
\"The<\/a>
The recently upgraded office building at 1400 Morris Drive is part of a 1.1 million-square-foot campus. Image courtesy of Rubenstein Partners<\/em><\/figcaption><\/figure><\/div>\n\n\n

Rubenstein Partners has added Arcfield as a tenant at Chesterbrook Corporate Center, a 14-building office campus totaling 1.1 million square feet in Wayne, Pa.<\/p>\n\n\n\n

The government technology and mission support provider signed a 36,000-square-foot, long-term lease and will occupy the entire third floor and a part of the first floor at 1400 Morris Drive. The four-story building encompasses some 239,600 square feet.<\/p>\n\n\n\n

The company is the first tenant to take space at the recently upgraded property. The deal also represents Arcfield\u2019s first office move in the Philadelphia area in decades.<\/p>\n\n\n\n

JLL worked on behalf of the landlord, while Cushman & Wakefield represented Arcfield. Other notable tenants at Chesterbrook Corporate Center include Aclaris Therapeutics, The Higgins Group Inc. and Navigate Corp., among others, according to CommercialEdge. <\/p>\n\n\n\n

An upgraded Philly-area office complex<\/h2>\n\n\n\n

Rubenstein Partners picked up Chesterbrook Corporate Center in 2019. Pitcairn Properties sold the asset for $147 million, according to the same source.<\/p>\n\n\n\n

The owner completed a series of capital improvements at the entire office complex. Upgrades included the construction of The Circuit, a two-story, 41,331-square-foot amenity center that also features 20,000 square feet of coworking space, as well as the addition of as touchless technology and HVAC improvements. The office buildings underwent interior and exterior renovations as well.<\/p>\n\n\n\n

Completed in 1982, the property at 1400 Morris Drive has four passenger elevators, 29,700-square-foot floorplates and 1,088 vehicle parking spots. Upgrades feature new curtain glass walls at the front and rear entrances and an expanded first-floor lobby, among others.<\/p>\n\n\n\n

The 140-acre campus is just north of U.S. Route 202 and close to Interstate 76. The location is 22 miles of downtown Philadelphia and 29 miles from Philadelphia International Airport.<\/p>\n\n\n\n

Office vacancies on the rise in Philly<\/h2>\n\n\n\n

JLL’s team of Executive Vice Presidents Doug Newbert and Mike MacCrory, together with Senior Vice President Whitney Hunter, assisted the landlord during negotiations. Senior Director John Shelly and Director Gina Brennan with Cushman & Wakefield represented the tenant.<\/p>\n\n\n\n

The deal closed at a time of consistent leasing momentum for Chesterbrook Corporate Center. The property has seen approximately 100,000 square feet of new leases and renewals closed over the past months.<\/p>\n\n\n\n

However, the metro witnessed a rise in office vacancies. The rate clocked in at 17.8 percent<\/a> as of September, up 380 basis points over the year, according to a recent CommercialEdge report. Nonetheless, the index remained below the national average of 19.5 percent.<\/p>\n\n\n\n

In September, JLL brokered a 82,757-square-foot renewal<\/a> in Wilmington, Del. Law firm Potter Anderson & Coroon LLP signed a 13-year deal to keep its headquarters at a 530,000-square-foot office building owned by Siegfried Group. <\/p>\n\n\n\n

And, in early 2024, Dow signed a 800,000-square-foot extension<\/a> at a 1.9 million-square-foot campus in Collegeville, Pa. Newmark represented the tenant.<\/p>\n","protected":false},"excerpt":{"rendered":"

This is the first tenant to sign a deal at the recently improved property.<\/p>\n","protected":false},"author":2991,"featured_media":1004735482,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,11,21742,21747,1494],"tags":[34908,32796,36039],"class_list":["post-1004735480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-midatlantic","category-latest","category-office","category-philadelphia","tag-cushman-wakefeld","tag-jll","tag-rubenstein-partners-lp"],"acf":[],"yoast_head":"\nRubenstein Partners Inks Philly-Area Office Lease - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Rubenstein Partners has signed a 36,000-square-foot long-term lease with Arcfield at Chesterbrook Corporate Center in Wayne, Penn.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-inks-philly-area-office-lease\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rubenstein Partners Inks Philly-Area Office Lease\" \/>\n<meta property=\"og:description\" content=\"Rubenstein Partners has signed a 36,000-square-foot long-term lease with Arcfield at Chesterbrook Corporate Center in Wayne, Penn.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-inks-philly-area-office-lease\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-01T16:16:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-01T16:28:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1400-Morris-Exterior-1920x1405-1-e1730465409995.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1872\" \/>\n\t<meta property=\"og:image:height\" content=\"1404\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-inks-philly-area-office-lease\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-inks-philly-area-office-lease\/\",\"name\":\"Rubenstein Partners Inks Philly-Area Office Lease - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-inks-philly-area-office-lease\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-inks-philly-area-office-lease\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1400-Morris-Exterior-1920x1405-1-e1730465409995.jpg\",\"datePublished\":\"2024-11-01T16:16:00+00:00\",\"dateModified\":\"2024-11-01T16:28:48+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/4659e2337f06b61cefc6b0b897d183a4\"},\"description\":\"Rubenstein Partners has signed a 36,000-square-foot long-term lease with Arcfield at Chesterbrook Corporate Center in Wayne, Penn.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-inks-philly-area-office-lease\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-inks-philly-area-office-lease\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-inks-philly-area-office-lease\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1400-Morris-Exterior-1920x1405-1-e1730465409995.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1400-Morris-Exterior-1920x1405-1-e1730465409995.jpg\",\"width\":1872,\"height\":1404,\"caption\":\"1400 Morris Drive is a recently-upgraded office building within a 1.1 million-square-foot business campus. 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