The subsidiary of American Home Products will use the space for offices and research facilities through 2003, when it will move to a new campus it has purchased in Collegeville, PA. As the pharmaceutical firm leaves portions of the facility, Rubenstein will invest approximately $270 million to upgrade the property.
Kenneth Ziebelman, managing director of Sonnenblick, notes that this is one of the largest office property acquisitions in the Philadelphia metro area in 2001. His firm, headquartered here, offers a variety of financial services to the real estate industry.
Rubenstein is said to be the largest owner, manager and lessor of class A office buildings in the Mid-Atlantic states with a value of more than $1 billion.
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