KING OF PRUSSIA, Pa., Jan. 9, 2015 /PRNewswire/ -- Kairos Real Estate Partners recently acquired Fort Washington Executive Center, home of anchor tenants NutriSystem, AstraZenaca Pharmaceuticals, McNeil and AmeriHealth Administrators. Kairos and Artemis Real Estate Partners acquired the property from CWCapital Asset Management. Terms of the deal were not disclosed.
The nearly 400,000 square-foot class A office buildings, situated on a 40.15-acre site, are located at 600, 601 and 602 Office Center Drive in Fort Washington. The total combined occupancy rate is currently 79% as Kairos inked a long-term lease agreement with Allstate for 25,000 square feet last month. The amenity-rich property includes a full-service cafe, fitness center, and landscaped central courtyard.
Stephen J. Gleason, Kairos Real Estate Partners president, said, "These assets fit with our strategy of acquiring well-located assets, and upgrading them with amenities and infrastructure designed to meet the needs of today's tenants. We are excited to expand our portfolio by acquiring the premier assets in the strategic Ft. Washington submarket."
Kairos plans to significantly upgrade the properties, much like the firm's recently completed repositioning of Triad at 2200 Renaissance Blvd. in King of Prussia. This venture between Kairos and Artemis included the creation and renovation of the full-service cafe, fitness center, conference center and the dramatic 55' high center atrium.
Fort Washington Executive Center provides many benefits to large corporate users, including: abundant electrical power fed from two separate PECO substations; nine-foot finished ceiling heights; efficient floor plates; and, on-site surface and structured parking at an above-standard ratio of 5.3 spaces per 1,000 square feet of rentable area.
Located just 16 miles northwest of Philadelphia's CBD, Office Center Drive is conveniently accessible to the area's two major roadways, as it sits just one mile from the interchange of PA Route 309 and the Pennsylvania Turnpike. In addition, the property enjoys direct access to the Virginia Drive slip ramp of the Pennsylvania Turnpike, located just 0.2 miles away via Office Center Drive.
Kairos has retained Jeff Mack and Adam Shute of Newmark Grubb Knight Frank to handle the leasing for Ft. Washington properties.
Jack Howard and Patrick Arangio of CBRE, Inc. represented the seller.
About Kairos Real Estate Partners
Founded by 25-year veteran Stephen J. Gleason, Kairos Real Estate Partners is a regional real estate company that invests in and operates best-in-class office and mixed-use assets that include a blend of commercial, residential, cultural and institutional uses. Kairos partners with institutional as well as private investors to fund acquisitions across the risk spectrum where value can be added through leasing, hands-on asset and property management, and property repositioning. For more information, visit www.kairosrep.com.
About Artemis Real Estate Partners
Artemis Real Estate Partners, LLC is a private equity real estate investment manager. Artemis was co-founded by Ms. Deborah Harmon and Ms. Penny Pritzker and is headquartered in the Washington D.C. metropolitan area. Artemis seeks to deliver attractive risk-adjusted returns to investors and manage institutional third party capital in a variety of real estate strategies, with its co-founders and principals investing significantly alongside its investors.
Phil Nourie / 212-922-1226
Nourie Group / [email protected]
SOURCE Kairos Real Estate Partners