New 41,000-square-foot amenity center introduced at revitalized corporate office park in Philadelphia market
PHILADELPHIA , June 6, 2022 /PRNewswire/ — Rubenstein Partners, L.P. (including its affiliates, "Rubenstein"), a vertically integrated real estate investment adviser focused on value-added office property equity and debt opportunities, announced the official opening of The Circuit, a new two-story, 41,331-square-foot amenity center situated within the 1.1 million-square-foot Chesterbrook office park in the highly desirable King of Prussia/Wayne PA submarket, part of the greater Philadelphia region.
The Circuit was officially introduced at a grand opening and ribbon cutting ceremony held on June 2, 2022.
The Circuit is a new community center centrally located on the Chesterbrook campus, one of Philadelphia’s largest workplace destinations. The facility provides Chesterbrook tenants with a place to work, collaborate or socialize with colleagues and serves as the centerpiece of the recent transformation of the campus. The Circuit includes several amenities such as:
- Fitness center and conference space
- Food service options with numerous eateries and concepts
- Lounge space, coffee shop and game room
- Patio area with program with regular beer truck events, live music, etc.
- Bikeshare and eBike program to connect throughout the campus
In addition, The Circuit includes the recently introduced Flex at Chesterbrook, a new 20,000-square-foot co-working space located on the second floor of the facility. The space, managed by JLL Flex, offers shared workspace solutions with fully furnished offices and customizable suites for members. The offerings at Flex at Chesterbrook are particularly important in today’s office environment as flexible workspaces remain in high demand in a post-pandemic landscape.
"The Circuit is an outstanding addition to the Chesterbrook development that will serve as the centerpiece of this premier Philadelphia office complex," said Brian Simel with Rubenstein Partners. "When our firm bought the campus, our vision was to help push it to the next level by investing heavily in shared amenities like this that help give our tenants a sense of community. The new amenity center provides Chesterbrook tenants with an exciting new gathering space, offering compelling features and services that foster collaboration as well as another reason for employees to return to the office."
Rubenstein acquired the 1.1 million-square-foot, 14-building portfolio of Class-A office properties at Chesterbrook in 2019 and embarked on a plan to reimagine the complex through a recently completed $50 million improvement plan to update and amenitize the campus. The campus was first acquired with the understanding that several tenants were expected to leave after the purchase was finalized. However leasing activity at Chesterbrook has remained robust since the acquisition, and Rubenstein has been able to fill much of the vacant space.
The bucolic Chesterbrook campus is nestled into the hills around Valley Forge and sits on the edge of Chester County in Treddyfrin-Easttown Township, a region with superior tax benefits when compared to office buildings in other nearby submarkets. Campus connectivity at Chesterbrook is being improved with new pathways linking to the nearby network of trails at Wilson Farm Park. Significant interior and exterior improvements have been made to the buildings throughout the campus, including expanded and renovated lobbies and common areas, and major improvements to several entry facades have been completed. Physical upgrades such as touchless technology and HVAC improvements to enhance building safety have been added as well.
Local SEPTA and Amtrak rail lines are nearby with a newly introduced Chesterbrook shuttle to and from the Paoli station, and Amtrak provides direct train access from New York City and Washington, D.C. Additionally, tenants have easy access to I-76, Route 202, Route 422 and Route 30. Gateway Mall is two miles from the property and Philadelphia International Airport is 25 miles from the property.
The Chesterbrook properties include 1300 Morris Dr., 1325 Morris Dr., 1400 Morris Dr., 851 Duportail Rd., 955 Chesterbrook Blvd., 965 Chesterbrook Blvd., 725 Chesterbrook Blvd., 735 Chesterbrook Blvd., 600 Lee Rd., 601 Lee Rd., 620 Lee Rd., 640 Lee Rd., 690 Lee Rd., and 701 Lee Rd. The buildings at the Chesterbrook campus recently received the WELL Health-Safety Rating certification through the International WELL Building Institute (IWBI). The WELL Health-Safety Rating is an evidence-based, third-party verified rating focused on operational policies, maintenance protocols, stakeholder engagement and emergency plans to address the health and safety of building staff, visitors, and stakeholders in a post-COVID-19 environment.
A JLL team comprised of Mike MacCrory, Whitney Hunter, and Doug Newbert manages the leasing at Chesterbook and workplace facility management company BetterSpaces is overseeing The Circuit amenity center.
Rubenstein focuses primarily on value-added office property investments that engage its vertically integrated team encompassing acquisitions, finance, construction, architecture, asset management, reposition and modernize urban and suburban office buildings in major U.S. markets.
Rubenstein Partners, L.P. founded in September 2005, is a private real estate investment advisory firm with operations throughout the United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing office real estate investments in the U.S. Rubenstein Partners’ predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 22.5 million square feet of office real estate assets throughout the United States. For more information, visit www.rubensteinpartners.com.
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SOURCE Rubenstein Partners