David Werner Real Estate Investments has recently inked a substantial, long-term lease extension encompassing 800,000 square feet with Dow at its life sciences and office campus in Collegeville, Pennsylvania. This transaction stands out as one of the largest leases executed in the region in over a decade.
Notably, it marks the most extensive office lease completed in the Philadelphia market within the last 13 years, as per CoStar data. This deal surpasses the previous record set when David Werner and partner GreenBarn Investment Group finalized a $180 million sale-leaseback with a Pfizer subsidiary for the same two-building campus last summer.
The extended lease covers the Northeast Dow Center located at 400 Arcola Road, a significant research and development hub for Dow. Financing for the acquisition of the Arcola Corporate Campus, a Class-A mixed-use office and lab campus spanning 1.9 million square feet, was facilitated through a $95 million loan co-funded by the Bank of Montreal and Starwood Mortgage Capital. The five-year loan was bundled into two commercial mortgage-backed securities offerings last year.
For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.
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Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.