{"id":1004791337,"date":"2026-03-12T04:28:25","date_gmt":"2026-03-12T12:28:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004791337"},"modified":"2026-03-12T04:30:24","modified_gmt":"2026-03-12T12:30:24","slug":"rubenstein-partners-lands-127m-refi-for-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-lands-127m-refi-for-office-campus\/","title":{"rendered":"Rubenstein Partners Lands $127M Refi for Office Campus"},"content":{"rendered":"
\n
\"Chesterbook,<\/a>
Chesterbook, a 1.1 million-square-foot office campus in suburban Philadelphia. Image courtesy Rubenstein Partners<\/em><\/figcaption><\/figure><\/div>\n\n\n

Rubenstein Partners has secured a $127 million refinancing for Chesterbrook, a 1.1 million-square-foot office campus in suburban Philadelphia. The recapitalization of the property will facilitate the company\u2019s long-term reinvestment plans for the office campus, which is situated around Valley Forge and on the edge of Chester County in Treddyfrin-Easttown Township, Pa.<\/p>\n\n\n\n

Waterfall Asset Management\u2019s commercial real estate lending platform provided the new loan, through funds managed by Waterfall. The debt play is in conjunction with an investment of new equity from Rubenstein, along with some third parties.<\/p>\n\n\n\n

Rubenstein is a private equity investor focused on value-added office properties and debt opportunities. The firm counts public and private pension funds, university endowments and family offices among its clients.<\/p>\n\n\n\n

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READ ALSO<\/strong>: Top 10 Markets for Office Deliveries in 2025<\/a><\/p>\n\n\n\n

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Rubenstein acquired Chesterbrook in 2019 and embarked on a multimillion-dollar capital improvement plan to upgrade the campus and the interior and exterior of the buildings, adding touchless technology and HVAC improvements. The work also included new pathways linking to the nearby network of trails at Wilson Farm Park.<\/p>\n\n\n\n

The first tenant to ink a lease<\/a> at the improved Chesterbrook was Arcfield, a government technology and mission support specialist, which signed a 36,000-square-foot, long-term lease in late 2024 to occupy the entire third floor and a part of the first floor at 1400 Morris Drive.<\/p>\n\n\n\n

A centerpiece of the campus is The Circuit, a two-story, 41,331-square-foot amenity center where tenants can collaborate or socialize. The Circuit includes Flex at Chesterbrook, a 20,000-square-foot coworking space on the second floor of the facility.<\/p>\n\n\n\n

Shawn Rosenthal, Jason Gaccione, Jake Salkovitz and Justin Helbling of CBRE Capital Markets worked in partnership with CBRE\u2019s Philadelphia team of Doug Rodio, Jerry Kranzel and Bruer Kershner to secure the financing on behalf of Rubenstein.<\/p>\n\n\n\n

Philly office fundamentals turn positive<\/h2>\n\n\n\n

Fundamentals in the Greater Philadelphia office market have ticked in a positive direction recently, with vacancies coming in at 18.1 percent in February, according to Yardi Matrix data. That is down 160 basis points since the same month in 2025. Rents came in at an average of $30.83 in February, eking out a 0.2 percent gain for the year.<\/p>\n\n\n\n

In the fourth quarter of last year, occupancy in Philly office space rose for the first time since the pandemic, CBRE noted. Leasing is skewed toward trophy assets, as tenants continued to seek out high-quality space to attract and retain talent, and as part of efforts to bring employees back to the office.<\/p>\n\n\n\n

Office leasing activity was up for the second consecutive year, CBRE reported, with nearly 6 million square feet of new or expansion leases greater than 7,500 square feet. The pace of activity was especially brisk in the suburbs, where trophy vacancy dropped 170 basis points year-over-year, pushing demand into sub-trophy, Class A assets, creating a spillover effect.<\/p>\n","protected":false},"excerpt":{"rendered":"

The 1.1 million-square-foot suburban property comprises 14 buildings. <\/p>\n","protected":false},"author":1023,"featured_media":1004791349,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,11,21742,21747,1494],"tags":[32789,36039],"class_list":["post-1004791337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-midatlantic","category-latest","category-office","category-philadelphia","tag-cbre","tag-rubenstein-partners-lp"],"acf":[],"yoast_head":"\nRubenstein Partners Lands $127M Refi for Office Campus - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Rubenstein Partners has secured a $127 million refinancing for Chesterbrook, an office campus in suburban Philadelphia.\" \/>\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-lands-127m-refi-for-office-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rubenstein Partners Lands $127M Refi for Office Campus\" \/>\n<meta property=\"og:description\" content=\"Rubenstein Partners has secured a $127 million refinancing for Chesterbrook, an office campus in suburban Philadelphia.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-lands-127m-refi-for-office-campus\/\" \/>\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=\"2026-03-12T12:28:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-12T12:30:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/Chesterbrook.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dees Stribling\" \/>\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-lands-127m-refi-for-office-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-lands-127m-refi-for-office-campus\/\",\"name\":\"Rubenstein Partners Lands $127M Refi for Office Campus - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-lands-127m-refi-for-office-campus\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-lands-127m-refi-for-office-campus\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/Chesterbrook.jpg\",\"datePublished\":\"2026-03-12T12:28:25+00:00\",\"dateModified\":\"2026-03-12T12:30:24+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/dc1e9fa4ee0430d86f8e60cd697c953c\"},\"description\":\"Rubenstein Partners has secured a $127 million refinancing for Chesterbrook, an office campus in suburban Philadelphia.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-lands-127m-refi-for-office-campus\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-lands-127m-refi-for-office-campus\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rubenstein-partners-lands-127m-refi-for-office-campus\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/Chesterbrook.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/Chesterbrook.jpg\",\"width\":800,\"height\":600,\"caption\":\"Chesterbook, a 1.1 million-square-foot office campus in suburban Philadelphia. 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