REPRESENTATIVE COMMERCIAL PROJECTS
Woodcrest Corporate Center
Commercial • Cherry Hill, NJ
Purchased out of bankruptcy
375,000 square feet adaptive reuse of obsolete industrial to first class office space.
Towers Perrin Headquarters
Summary: 333,725 square feet
Year Renovated: 2004-2005
Opportunity
Langston Manufacturing Corporation had used the property as it worldwide
headquarters for over 30 years. Langston manufacturing declared bankruptcy
in 1999 and the 33 acre 375,000 square foot office and warehouse facility had
sat vacant for over three years. During this time the property deteriorated into a state
of severe disrepair and provided no taxable income for the local and state municipalities. The location of the property was excellent, adjacent to the Woodcrest Train Station of the PATCO High Speed line with two exits immediately available from I-295 in Cherry Hill, NJ.
Resolution
Verus formed a joint venture and acquired the property in a bankruptcy auction in October of 2002. The partnership immediately went to work to obtain a “No further action letter” from the State of New Jersey and NJDEP after completing all of the proper environmental remediation work on site.
The partnership then sold the 52,000 sf office building to a local law firm shortly after acquiring the two building campus. After the redevelopment of the office building, the Verus joint venture then began to design the redevelopment of the existing 320,000 sf warehouse. Simultaneously the State of New Jersey was in danger of losing one of its largest employers in South Jersey, Towers Perrin, to three competing states. The partnership was able to conceive and deliver a world class redevelopment plan that convinced Towers Perrin to relocate to the site. The world class redevelopment included:
-1,100 sf of ribbon glass along the south wall
-Brand new state of the art HVAC, electrical and mechanical systems
-12 brand new oversized skylights including one over the “town center” which is over 5,000 sf
-20’ ceiling heights with 16’ windows creating the most unique work environment in South Jersey
Benefit
The partnership worked in conjunction with Township, County and the State of New Jersey and today the site has been transformed into a Tier 1 Operations Center. The $50 Million redevelopment now houses 2,000 employees for three (3) multi-billion dollar companies including: EDS, Banco Popular, and American Water Works.
Woodcrest is a shining example of a public-private partnership and transit oriented redevelopment of a former dangerous and decaying property into a thriving world class business center.
Great Valley Commerce Center
Commercial • Malvern, PA
Former Unisys training center
360,000 square feet adaptive reuse of class C office to class A
Summary: 356,233 square feet
Year Renovated: 2009-2010
Address: 2476 Swedesford Road, Malvern, PA
Opportunity
Great Valley Commerce Center is a 33.5 acre two building Office and
Technology Center located in Malvern, PA in the Great Valley Corporate
Center. The building served as a training center for Unisys Corporation
for many years. Unisys had previously sold the building to a net leased
investor. When the Unisys leaseback was nearing the end of term the
owner elected to dispose of this building and a partnership involving
Exeter Property Group, LP and Endeavor was formed to undertake the complete renovation and re-positioning that essentially transformed the buildings into a Class “A” office complex aptly named as the Great Valley Commerce Center.
Resolution
Verus, in partnership with Exeter Property Group, worked closely with the local civic community and municipality to create a first class office complex. Located within the Great Valley Office Park, Great Valley Commerce Center (“GVCC”) offered similar benefits to its surrounding first class office buildings, however at a lower cost of occupancy.
Great Valley Commerce Center offers the following amenities;
-New Town Center Atrium café and restaurant
-On Site Public Transportation: SEPTA Bus Route 206
-New fitness center on site
-On site walking trail
-Adjacent to Great Valley Corporate Center Amenities including:
-The Desmond Hotel
-Baxter’s Restaurant
-The Shops at Great Valley
The Great Valley Commerce Center is strategically located at the gateway to the Great Valley Corporate Center on Route 202 at the Great Valley Exit.
Benefit
The partnership was successful in a complete transformation of a well-located class C office complex into a Class A office park which is now completed and occupied. Through the re-positioning of the outdated dysfunctional office campus our partnership was able to recycle and deliver class A office space without having to take open land.
The building was reassessed as a first class office campus and the township & county’s tax base grew as a result of the reassessment.
1008 Upper Gulph Road
Commercial • Wayne, PA
Historic Farmhouse
Previously used as furniture warehouse
Complete disrepair
First class restoration
Summary: 12,000 square feet
Year Built: Late 1880's
Year Renovated: 2004
Address: 1008 Upper Gulph Road Wayne, PA
Opportunity
The building was originally a country farmhouse built in the
1800’s and later served as a public school for Radnor Township in the 1940′s and 1950′s until it was bought by an insulation manufacturing and installation company in the 1960’s. The property was then sold to a furniture restoration company in 1994. Over the years the building was not being maintained and had fallen into a state of severe disrepair and became functionally inefficient. While others saw an abandoned dilapidated eyesore Verus saw an architecturally unique redevelopment located in the heart of Philadelphia’s prestigious “Main Line.”
Resolution
Verus worked closely with the local civic community and municipality to create an architecturally sensitive historic restoration. Located within a predominately residential neighborhood, 1008 Upper Gulph has a very commanding presence. Further, the views from within the building are extremely unique offering breathtaking views of the St David’s Golf Course as well as dramatic views of Valley Forge Military Academy.
-1008 offers architecturally diverse office space with dramatic combinations of exposed stone walls, brick columns and exposed brick walls, and truly breathtaking 25 foot high ceilings on the third floor with dramatic large wood trusses.
-The building was reduced to shell condition prior to being totally improved with a brand new state of the art mechanical system, new roof, all new electrical and plumbing, sprinklers throughout as well as the latest in life safety and alarm systems.
-Building is located adjacent to a public 3-acre park that provides occupants of the building with access to picnic tables, basketball courts, baseball field and walking areas.
Benefit
Verus was able to restore an architectural gem to its almost original 1800’s form through an in depth restoration and today the building houses the headquarters of four local companies. The local community benefited since Verus was able to allow residents to connect to the adjacent park and church through a new walking trail and sidewalk. The building was reassessed as an office building and the township & county’s tax base grew as a result of the reassessment.
Old Lancaster Road
Summary: 13,000 square feet
Address: 204-206-208 Old Lancaster Road, Devon, PA
Opportunity
Three office buildings were previously owned by a local company
that had been sold to a national corporation. After that sale the
buildings became underutilized and had fallen into disarray.
The property was formerly part of the Beaumont estate and was
originally used as a Philadelphia business man’s summer retreat
in the late 1800’s. The stone building on site was built in the Queen Anne style,
popular at the turn of the century.
Resolution
Situated on two (2) acres with mature red maple, cedar, and oak trees, rarely
does an opportunity arise to assemble three (3) office buildings in a campus like
setting in the middle of one of the most desirable residential neighborhoods in the greater Philadelphia area. Positioned ¼ mile from Lancaster Avenue (Route 30) and the Devon Train Station, the Property offered a unique ownership opportunity for entrepreneurial, professional, and corporate users along the prestigious main line. Through extensive due diligence Verus became aware the property was set up as a condominium and that the buildings could be sold individually. Verus made extensive improvements to the buildings and marketed them as office condominiums. The Property was converted into a Class “A” condominium office complex.
Benefit
Verus was able to rehabilitate the buildings with class “A” finishes and standards while preserving the class and charm the Property once had in the late 1800′s. One of the most difficult challenges facing small businesses is ability to own a small, standalone office building along Philadelphia’s prestigious Main Line. Verus was able to create a development for small companies to have an office building that allows them to have the signage and recognition typically associated with larger suburban office buildings.
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