WAYNE, PA—Liberty Property Trust says DrugDev, which manages the world's largest scientist network and data sharing platform for clinical trials of pharmaceuticals, has signed a lease agreement for 31,000 square feet of class A office space at 1170 Devon Park Dr. here.
The building, which will serve as the United States headquarters for DrugDev, recently underwent a major renovation and is highly visible from Pennsylvania Route 202, near the interchange with the Schuylkill Expressway, US 422 and the Pennsylvania Turnpike. Liberty declined to disclose the dollar value or term of the lease.
“This area has seen a significant amount of public and private investment recently, including road improvements, the recently opened Chester Valley Trail, the continued development of the Village at Valley Forge and the construction and/or renovation of several office buildings. That investment, combined with the formation of the King of Prussia Business Improvement District, has made this section of the 202 corridor very attractive to high profile tenants like Drug Dev,” says Bruce Hartlein, vice president leasing and development, Liberty Property Trust.
The $2.5M renovation of the 88K SF, three-story building included signature canopies at both entrances, new floor-to-ceiling glass curtain wall on the corners, an expanded lobby with open staircase, terrazzo flooring and beautiful stone and woodwork wall finishes, new restrooms throughout, and a state of the art fitness and locker facility for use by tenants. Additional space is available on both the second and first floors.
“Our new United States headquarters provides a significant upgrade to support DrugDev and our ongoing growth,” says Ibraheem Mahmood, CEO of DrugDev. “While our current location has served us well, we are excited to have secured a facility which features quality amenities that are important to employees as we continue to expand our business operations. The building offers an excellent blend of what we need and what we want, and we look forward to many productive years of improving how global clinical trials are conducted from our new home in King of Prussia, PA.”
DrugDev, currently headquartered in London and Audubon, PA, provides technology-enabled solutions to help clinical study sponsors, CROs and investigative sites do more drug trials together. The company continues to grow as more customers learn about the innovative services DrugDev offers the global biopharmaceutical industry – including its acquisitions of CFS Clinical (also of Audubon, PA) last October and TrialNetworks (Newton, MA) in May.
Scott Miller of CBRE represented DrugDev in the transaction. Environetics served as the architect and interior designer, and Shields Construction as the general contractor.
Liberty Property Trust is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 103M SF portfolio includes more than 750 properties which provide office, distribution and light manufacturing facilities to 1,800 tenants.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
