Biohaven Pharmaceuticals Inc. has leased 21,000 square feet at Makefield Crossing to establish a new, Philadelphia-area presence, and is part of several other deals signed at the Bucks County office complex that chips away at its vacancy.
Ten deals totaling nearly 100,000 square feet were signed at the Bucks County office complex, bringing its occupancy to the low 90% range. When Rubenstein Partners bought the eight-building in 2018 the 467,000-square-foot property was nearly 80% occupied.
Rents have also been on the rise as occupancy has risen. Deals are being signed in the low to mid-$30s a square foot compared with the mid- to high $20s a square foot, said Lou Merlini, a vice president at Philadelphia-based Rubenstein Partners.
Rubenstein has launched a $10 million interior and exterior upgrade as part of an effort to enhance the property cosmetically and provide a series of amenities to retain and attract tenants to the property. Rubenstein paid $85 million for the properties.
Makefield Crossing North consists of five office buildings totaling 190,183 square feet at 1010, 1020, 1030, 1040 and 1050 Stony Hill Road. Makefield Crossing South consists of four office buildings, of which Rubenstein bought three buildings totaling 276,533 square feet at 770, 790 and 800 Township Line Road.
Rubenstein’s plan is to position the property as two separate campuses and each will get a series of renovations. At the north campus, an asphalt parking area in front of the buildings will be replaced with a courtyard that will be activated with seating, food trucks and activities. New landscaping and signage will also be incorporated.
On the interior, lobbies, restrooms and common areas will be renovated and a cafe, lounge, conference area and fitness center will be added and will serve the north campus. The renovations are expected to be completed by this summer. “It’s coming together nicely,” Merlini said.
Biohaven Pharmaceuticals is one of three large deals to get completed at the complex. It is a New Haven, Connecticut, biopharmaceutical company that targets neurological and neuropsychiatric diseases, including rare disorders. The company couldn’t be reached for comment on why it established a Philadelphia-area office or the number of jobs it might produce locally.
In addition to Biohaven, Cello Health renewed and expanded into 22,000 square feet and Jubilant Pharma renewed and expanded into 22,000 square feet. In addition, several undisclosed tenants renewed and expanded, helping to push the vacancy down.
*Article & data courtesy of Philadelphia Business Journal
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