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Conshohocken actual property agency Maguire Hayden has bought 466 Devon Park Drive in Wayne to Hines, a world actual property firm headquartered in Houston, for $57 million, writes Natalie Kostelni for the Philadelphia Enterprise Journal.
The 155,200-square-foot constructing was as soon as owned by Merck. The pharmaceutical large bought it to Maguire Hayden in 2016 for $7.9 million. At the moment, the constructing was vacant.
In 2018, the property with 72,000 sq. toes of lab and associated area was leased by Charles River Laboratories, a life sciences firm that consolidated its King of Prussia and Malvern operations into the Wayne facility. The lease runs via June 2036.
The sale demonstrates the attraction of investing in properties leased to life sciences tenants in addition to the energy of Swedesford Highway hall.
Learn extra concerning the sale within the Philadelphia Enterprise Journal.