MOORESTOWN, NJ-Keystone Property Group is sprucing and renovating three buildings at Moorestown Corporate Center it acquired late last year to enhance their appeal in a well-situated office submarket.
“This is what we do,” Keystone's Scott Paymer, who directs projects in the mid-Atlantic region tells GlobeSt.com. “We find tired buildings and we make the necessary improvements to meet the market demand.”
The buildings have great architectural “bones,” superior highway access, and the cachet of a Moorestown address, Paymer says; “They were just extraordinarily tired.”
The 223,000-square-foot office center was 61% occupied at the time of purchase, he said. One of the structures is fully occupied by a single tenant. There is 33,100 square feet available at another building, 224 Strawbridge Dr., and two full floors of 26,400 square feet each available at 232 Strawbridge.
“There aren't that many large blocks of space available in this market, and 232 Srawbridge alone provides the opportunity for a tenant to have 50,000 square feet,” Paymer points out, “plus a lot of parking.”
The first move Keystone made was to repave the parking lot, which he notes is a key ingredient to the curb appeal of office property. The company plans to install new landscaping and monument signage throughout the campus as well.
Inside, the three-story-tall atrium lobbies will get new finishes, lighting, furniture – and “functionality,” says Paymer. The existing lobbies with their glass curtain walls were “dramatic,” but dated, he says. Also, they were empty. All lobbies will now be equipped with wi-fi.
Bricked-off enclaves will provide quick conference or work areas.
The corporate center is situated about a half hour outside Center City Philadelphia and Philadelphia International Airport. It is close to East Gate Square and Monmouth Mall shopping centers, numerous restaurants, and first-class hotels.
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