November 4, 2021
By Rachel Whaley
Westlakes is located in Berwyn, Pennsylvania, off Route 202, a 59-mile-long highway that serves as a major commuter route connecting New Jersey to the north with Delaware to the south. (CoStar)
Accesso has purchased Westlakes, a four-building office campus located less than 5 miles from the King of Prussia Mall in Berwyn, Pennsylvania.
The Florida-based investment manager and operator acquired Westlakes from Conshohocken-based Keystone Property Group. Financial terms of the sale were not disclosed.
Keystone originally acquired the office campus, along with 11 other office buildings across the Philadelphia region, from Mack-Cali Realty Corp. in 2013, according to CoStar data. Keystone renovated Westlakes in 2015.
Westlakes is located off Route 202 at 1000, 1055, 1205 and 1235 Westlakes Drive. The four-building office campus totals about 452,000 square feet and is about 92% occupied with a weighted average lease term of 4.7 years. Some of the tenants located at Westlakes include PNC Bank, Brinker Capital, Montgomery McCracken, Chartwell Investment Partners and Amring Pharmaceuticals.
This is Accesso’s second purchase in the Philadelphia area. In December 2014, Accesso bought 1515 Market St., a 20-story office tower in Center City located across from Dilworth Park, for $85 million.
“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,” John Rivard, chief investment officer for Accesso, said in a statement. “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.”