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Rubenstein Plans to Purchase 17-Building, 1.4- Mil-SF Portfolio

RADNOR, PA-In a deal expected to close by the end of the first quarter, Rubenstein Co. LP is contracted to purchase Wyeth-Ayersts' 17-building, 1.4-million-sf office/research portfolio here. Wyeth-Ayerst headquarters will move to Collegeville, PA.

By Diane Cook | Updated on January 17, 2001

RADNOR, PA-A 17-building office and research facility here will soon change hands. The Rubenstein Co. LP signed a contract for an undisclosed amount with Wyeth-Ayerst Laboratories for an affiliate of Rubenstein to purchase the Wyeth-Ayerst’s portfolio of buildings in this western Philadelphia suburb in the heart of the Main Line, according to information released by officials representing Rubenstein. Wyeth-Ayerst is relocating its corporate headquarters from Radnor to Collegeville, PA. The deal is expected to close by the end of the first quarter.

The property includes 17 buildings with more than 1.4 million rentable sf, and is located at the intersection of the Blue Route and Route 30. One million sf of office space will be available for lease by new tenants in late 2003 and early 2004. The remainder of the office space is available for immediate lease. A 400,000-sf research and office facility will be available later in 2001.

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