Conclusion of $3 million renovation kicks off first leasing opportunity since property construction
Clarion Partners and JLL announced the completion of a $3 million renovation at 1475 Dunwoody Drive, a 121,416 square foot Class A office building located in West Chester, PA. At present, 23,306 square feet is available for lease-the first opportunity of any kind since building completion in 1999. The asset is owned on behalf of a commingled fund managed by Clarion Partners.
The extensive renovation scope focused on refreshing the common areas to position 1475 Dunwoody at the leading edge of the suburban Philadelphia Class A office market. Updates include: dramatic two-story lobby, restrooms, café, elevator finishes, and landscaping. Additionally, the fitness center has been modernized and expanded. Ownership has also constructed an outdoor terrace with seating capacity of 35+ adjacent to the full-service, 40-seat café (with catering capability) that overlooks the surrounding, mature landscape. An EV charging station is also available for use.
The 23,306 square foot opportunity for lease is located on the third-floor of the property, and is suitable for either single occupancy or multi-tenancy via a demising plan that creates two distinct premises of 10,000 and 13,000 square feet. Voya, the anchor tenant since construction, occupies the balance of building.
“Clarion has renovated 1475 to provide for a Class A environment characterized by first-class amenities and a strong sense of place,” said Margaret Egan, Senior Vice President at Clarion Partners. “The expansive and bright lobby and café provide alternative, informal work and gathering spaces that ownership believes are unrivaled in the competitive set. The improvements provide for a high-end experience intended to improve tenant identity, productivity and comfort, and we are very excited to re-introduce this property to the market.”
“JLL is thrilled to work with Clarion Partners again as we take the lead in this first-time-ever leasing opportunity,” said JLL Senior Vice President Whitney Hunter. “This asset has not had vacancy since it was first constructed, and with more than $3 million in new renovations, JLL strongly believes the opportunity to office at 1475 Dunwoody Drive is compelling.”
Additionally, the West Chester property is located in a Keystone Innovation Zone, part of an incentive program developed by the Pennsylvania Department of Community & Economic Development that provides tax credits to for-profit companies less than eight years old with operations in targeted industries.
For more information on leasing opportunities at 1475 Dunwoody Drive, visit http://www.jll.com/philadelphi
About Clarion Partners, LLC
Clarion Partners, an SEC registered investment adviser, FCA authorized manager and FINRA member firm, has been a leading U.S. real estate investment manager for more than 35 years. Headquartered in New York, the firm has offices in Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle and Washington, DC. With more than $43 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its 250 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. AFortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
