Maguire Hayden Acquires Life-Sciences Facility
Property adds significant value to Fund and unique opportunity for prospective tenants
WEST CONSHOHOCKEN, Pa., Sept. 14, 2016 /PRNewswire/ -- Anthony J. Hayden, CEO of Maguire Hayden Real Estate Company, recently announced the acquisition of 466 Devon Park Drive, Wayne, Pennsylvania. The 155,200 SF facility was purchased from Merck & Co. The property is ideally located on Philadelphia's "Main Line", direct access to major highways, less than two miles from Valley Forge National Historical Park, Valley Forge Casino Resort and the renowned King of Prussia Mall with all the amenities it – and the surrounding area – have to offer.
The facility was originally constructed in 1975 for use by Hawthorne Publishing. Twenty years later, it began its journey toward becoming a highly specialized life-sciences facility. The property was purchased from Hawthorne and renovated by Hafslund Nycomed in 1995 to become the Norwegian company's U.S. research and development headquarters. Six years later, Merck & Co. purchased the property to house its vaccine development program. Merck subsequently converted many of the existing laboratories into B5L-1 and 2 labs. Following a 2009 sale to PPD, Merck reacquired the property in 2013, subsequently leasing the building in whole to PPD. During PPD's ownership, additional renovations and investments into the life sciences infrastructure were added in 2011.
As Maguire Hayden Real Estate Company's tenth acquisition, the property adds significant value to the Fund's portfolio, particularly given that the building currently contains over $30M of unique life-sciences-specific infrastructure.
Hayden stated, "Any organization that chooses to make 466 Devon Park Drive its headquarters will be well served not only by its specialized infrastructure but by its ideal location. Wayne is only a 30-minute drive from Center City or the Philadelphia Airport or 30th Street Station. This property is located along the Route 202 Corridor, home to more than 37% of the Greater Philadelphia Area's lab space. Additionally, its close proximity to New York City and Washington, D.C. make the talent pool from which it can draw enormous. And, in fact, the immediate surrounding area is home to more than 100 colleges and 25 medical schools."
ABOUT MAGUIRE HAYDEN
Maguire Hayden Real Estate Company (www.MaguireHayden.com) is a fully integrated commercial real estate investment and operating firm that primarily acquires, repositions and manages office, industrial and flex properties in the Mid-Atlantic region. Maguire Hayden Real Estate Fund primarily targets acquisition opportunities in the industrial, office and flex sectors of the Philadelphia metropolitan real estate market and secondarily properties within a +/- 200 mile radius.
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SOURCE Maguire Hayden Real Estate Company
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