Acquired for $7.9 Million in July 2016 / Sold for $57 Million in July 2022
Case Study: 466 Devon Park Drive in Wayne, PA
155,200 Life Science Facility
“Maguire Hayden did an excellent job repositioning 466 Devon Park Drive into a state-of-the-art life science asset. We saw a tremendous amount of investor interest from both institutional and international capital. We expect investor interest in Philadelphia to remain competitive, especially for core life science product,”
Jim Galbally (broker on Jones Lang Lasalle capital markets team – who represented Maguire Hayden in the sale)
1
In 2016, we acquired 466 Devon Park Drive in Wayne, PA – a 155,200 SF vacant laboratory/manufacturing building. It was previously occupied by Merk and PPD, who vacated in 2015.
2
At that time, the life science industry in Philadelphia was slowly growing momentum but it was not even close to the boom we are experiencing today (2022). In fact, when we began marketing the property, our life science deal flow was extremely low and forced us to think long and hard about converting the building to warehouse/industrial space.
3
We decided to stay patient. The building’s location was prime, sitting in the Chester County, King of Prussia/Wayne submarket with proximity to US-202, Us-30, PA-29 and I-76. Plus there was a very limited supply of competitive, in-market and nearby R&D/lab product.
4
We completed several renovations to the property including a brand new roof, façade, amenity center (shared conference room center, gym with locker rooms and showers, café, outdoor patio space), refurbishing two boilers, and installing two new chillers.
5
Long and behold, we struck a deal with Charles River Labs in late 2017. In 2019, they expanded into the entire building.
