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An affiliate of Maguire Hayden Real Estate Co. bought the former Safeguard Scientifics campus in Wayne, Pa., for $20.2 million.

The 8-building, 150,000-square-foot complex at 435 Devon Park Drive was 82 percent occupied at the time of the sale, but the new owner has leased up some of the vacancies to bring it up to 85 percent occupied. More leases are also in the pipeline.

Johnson Matthey is one of the tenants that lease space in the office park. The company maintains its North American headquarters in 25,000 square feet and has a 10-year lease there.

The real estate firm that bought the Wayne campus is familiar with that area, having bought other nearby properties.

“We love that location,” said Tony Hayden Jr., of Hayden Real Estate Investments. “It’s on the Tredyffrin side and it has a lot of tenants who want to be close to Wayne but not pay higher rents.”

Rents at the Devon Park Drive property are in the mid-$20s a square foot.

Hayden noted that the complex is in Tredyffrin as opposed to Upper Merion, which is an adjacent township, because Tredyffrin has no employee wage or business privilege tax. Upper Merion, for example, has a business privilege tax of $1.50 per $1,000 of gross receipts.

That was part of what motivated Hayden’s firm to be involved in a partnership that bought and redeveloped CrossPoint at Valley Forge, a two-office complex at 530 and 580 Swedesford Road. It quickly leased up and a year after undergoing a total renovation, sold for $89.5 million.

Properties in that part of Tredyffrin as well as that area of Upper Merion continue to receive investor interest and part of what has been driving that is its proximity to the newly developed King of Prussia Town Center. For example, last November, Liberty Property Trust sold 151 S. Warner Road, a 90,000-square-foot office building, for $26.8 million. Last September, a real estate fund involving Hayden Real Estate Investments sold 150 S. Warner Road, a four-story, 155,572-square-foot building for $28.2 million. In March 2016, a local investment partnership paid $42 million to buy the Evolve IP Corporate Center, a 12-building, 376,000-square-foot complex off Old Eagle School Road at Devon Park Drive. Lastly, Cohen Equities paid $16.3 million for Oak Hill Plaza, a four-story, 165,652-square-foot building.

The Devon Park Drive property had been known for decades as the home to Safeguard Scientifics. While there, the company had occupied most of the campus’ space and grew into a formidable investor of early-stage companies, reaching $100 billion of value during the dot-com boom of the late 1990s and early 2000s. As with other high-flying investment firms that made bets on tech, Safeguard suffered during the dot-com bust. It shrank, then in 2015 moved to 170 Radnor-Chester Road in Radnor, Pa., where it now occupies a little more than 15,000 square feet.

Hayden said immediate plans don’t call for a wholesale redevelopment like the one carried out at CrossPoint, but there will be interior and exterior renovations, and upgrades made over time.

“The spirit of the deal is to maintain what it is now,” he said. “It’s a lower rental point right down the hill from Wayne. You can’t take that away from it.”

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