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Keystone Fills 50,000 SF at Devon Square

WAYNE, PA-Merrill Lynch, the current anchor, expands and Penn Liberty Bank comes on board at the 140,000-sf complex here at 724 W. Lancaster Ave.

By Brianne Harrison | Updated on September 16, 2008

WAYNE, PA-Keystone Property Group will welcome Penn Liberty Bank to its Devon Square Property at 724 W. Lancaster Ave. here. Current Devon Square tenant Merrill Lynch has also signed a lease renewal and expansion at the property. Combined, the two deals come to more than 48,000 sf and $12.5 million.

Penn Liberty is relocating from its current headquarters at 353 West Lancaster Ave. to 19,500 sf in building one at Devon Square. The reason for the relocation, according to Rich Gottlieb, senior vice president of development and operations for Keystone, is the company’s growth. According to Gottlieb, Penn Liberty is doubling their space requirements and wanted the option to continue growing. The company signed a 15-year lease and will house its corporate headquarters on the second floor and a branch of the bank in 2,000 sf on the first floor. Penn Liberty, which was represented in the transaction by first vice president Andy Spillard and associate Mitch Reading of CB Richard Ellis, will take possession of the space on Dec. 1, 2008.

Merrill Lynch, which currently occupies 25,364 sf on the first floor of building one, has renewed their lease and taken an additional 3,000 sf on the second floor. Merrill Lynch was represented by Matt Feeney of CRESA Partners. The company will move into its space on the second floor in January 2009. Gene McHale and Steve Compton of Beacon Commercial Real Estate represented Keystone in both transactions.

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