Hines, a global real estate company based in Houston, has paid $57 million for 466 Devon Park Drive in Wayne.
Maguire Hayden, a Conshohocken real estate firm, was the seller.
The sale of the 155,200-square-foot building highlights the appeal of investing in buildings leased to life sciences tenants and the continued strength of the Swedesford Road corridor.
Maguire Hayden bought the building from Merck & Co. in 2016 for $7.9 million. At the time, 72,000 square feet of lab and related space was vacant. In 2018, Charles River Laboratories Inc. leased the building. The property was developed in 1975 and, with the new lease secured, Maguire Hayden then initiated an interior and exterior renovation of the building.
The building also sits within the Swedesford Road Corridor, an office submarket that appeals to investors and tenants because it is near to such amenities as the King of Prussia Town Center and Life Time fitness center and sits close to several major roads.
Charles River, a provider of services to the pharmaceutical and medical device industries, has a lease that runs through June 2036. When it leased the building, Charles River consolidated most of the operations it had in King of Prussia and Malvern into the Wayne facility.
Jim Galbally and Brett Segal of JLL arranged the transaction.