MOORESTOWN, NJ–Keystone Property Group tells GlobeSt.com that it has completed the lease of 74,258 square feet to Destination Maternity Corporation, which is relocating its headquarters from Philadelphia.
The world's largest maternity apparel retailer is moving into Moorestown Corporate Center, a three-building office campus that is in the midst of significant upgrades.
The retailer, wooed to New Jersey with a promise of $40 million in tax credits under the state's amped-up incentives program, is also building a 400,000-square-foot distribution center to in Florence Township,
The lease brings Moorestown Corporate Center to 85-percent occupied. The property, which totals 222,823 square feet –the Economic Opportunity Act - has easy access to Routes 38, 70 and 73; I-295; and the New Jersey Turnpike. Keystone acquired it last year and is currently completing a capital improvement program.
Bill Glazer, president of the Bala Cynwyd, PA-based developer's said his company's reinvestment program for Moorestown Corporate Center is amply validated by the Destination Maternity deal.
Keystone has completed repaving of the complex's surface parking, and is now working on exterior improvements that include new landscaping and monument signage throughout the campus.
Building lobbies and common areas at 224 and 232 Strawbridge Drive within the complex will be renovated with new finishes and improved lighting. Keystone is also upgrading the complex's HVAC systems.
There is currently a total of 34,000 square feet of space available at 224 Strawbridge Drive, which has a total of74,000 square feet. The other two buildings – 228 and 232 Strawbridge Drive – are now fully leased.
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