Accesso Acquires Westlakes Campus in Greater Philadelphia
Four-building, 455,183-square-foot office park is considered one of the flagship assets in the booming King of Prussia submarket
BERWYN, Pa. – October 31, 2021 – Accesso (the “Company”), a fully integrated investment manager and operator of multi-tenant office and multifamily assets, today announced that it has acquired Westlakes, a four-building, 455,183-square-foot, class A office campus located in the Greater Philadelphia market, from Keystone Property Group. The purchase price was not disclosed.
Situated on 40.4 acres near the intersection of Routes 202 and 252, Westlakes is located in the highly desirable King of Prussia submarket, which has recently experienced an influx of capital resulting in robust development and redevelopment. The Property is 92 percent occupied with a weighted average lease term of 4.7 years, and is home to a number of credit-quality tenants including PNC Bank, Brinker Capital, Montgomery McCracken, Chartwell Investment Partners and Amring Pharmaceuticals. Moreover, Westlakes is situated less than five miles from the King of Prussia Mall and Town Center, two of the most prestigious and dynamic retail environments in the country.
“We are thrilled to acquire a high-quality asset in Westlakes and add scale to our portfolio in Philadelphia, a market we are bullish on,” said John Rivard, Chief Investment Officer for Accesso. “We are confident that implementing our proven operating and management platform at Westlakes will unlock the significant growth potential of the asset, while also generating an attractive risk-adjusted return on our investment. With 1515 Market Street and Westlakes, we now own two of the most sought-after office properties in Greater Philadelphia, and we are excited to continue expanding our presence within this community.”
Westlakes features numerous lifestyle amenities that are coveted by tenants, including expansive, light-filled lobbies with collaborative seating and large stairways; modern outdoor spaces; walking paths; a bike-share program; multiple dining options; two fitness centers; and an on-site Fairfield Inn & Suites by Marriott. The Property underwent a renovation that was completed in 2016, and has potential for further strategic capital improvements.
Accesso is a full-service, vertically integrated commercial real estate investment manager, owner and operator that aims to provide superior returns to its U.S. and international individual and institutional investors. Accesso’s focus is on acquiring office and multifamily properties in non-gateway metropolitan statistical areas, representing the fastest growing metropolitan cities and premier suburban submarkets throughout the U.S. Accesso’s property portfolio includes 34 office properties covering 14.5 million square feet, and the company has two ground-up multifamily properties under development. Its affiliate, Accesso Services LLC, provides proactive, cost-efficient property management services with an owner’s mindset. Accesso Partners LLC is headquartered in Hallandale Beach, FL. and has offices in Atlanta, Charlotte, Chicago, Dallas, Houston and Minneapolis.
ICR for Accesso
Megan Kivlehan, Matthew Chudoba or Greg Michaels