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NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

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Building Area

Property Description

The VEVA portfolio is comprised of seven (7) institutional quality, Class A, office buildings totaling 420,576 square feet, offering investors with a rare opportunity to gain immediate scale in the Philadelphia office market.


The portfolio presents an exciting opportunity to acquire a best-in-class, vibrant campus with a current occupancy of 94%. It boasts of a well-diversified and credit-worthy tenant roster including Morgan Stanley, IBM, Toll Brothers, London Life, Korman and Bayada. Recent renovations to the portfolio and unparalleled amenities have helped drive over 140,000 square feet of leasing activity in the portfolio over the past 24 months.  


The portfolio offers investors with attractive and stable in-place cash flow along with the ability to create additional value by marking its below market rents (10.3% below market) to market as tenants expire. The VEVA portfolio is ideally situated in the heart of the region’s most influential decision makers and can be accessed by exceptional local and regional highways at the confluence of the Pennsylvania Turnpike (I-76/I-276) and the Blue Route (I-476).

Investment Highlights

PLACEMAKING - THROUGH SIGNIFICANT CAPITAL INVESTMENTS & PORTFOLIO AMENITIES

Current ownership has invested heavily in the repositioning of the Portfolio to create a place for people to reach their potential. The VEVA campus encompasses desirable amenities such as a first-class wellness center, two (2) modern full-service cafés, state-of-the-art conference and training rooms, and a lively exterior courtyard complete with Adirondack chairs, hammocks, life size chess boards and lighted walkway.


IMMEDIATE SCALE - IN A PREMIER OFFICE CAMPUS

With 7 buildings and over 420,000 square feet, the VEVA Portfolio offer’s investors the rare opportunity to gain immediate scale in the heart of the Plymouth Meeting / Blue Bell office market in a single Portfolio transaction.


LEASING VELOCITY - OUTPACING THE MARKET

Over 140,000 square feet of leasing activity has been completed in the VEVA Portfolio within the past 24 months, with over 60,000 square feet (14% of the total portfolio) being new leases. The leasing velocity has significantly outpaced the market as a whole and is a testament to the Portfolio’s positioning in the market. 


MARK TO MARKET OPPORTUNITY - DRIVING INCREMENTAL VALUE

The recent investment in the Portfolio along with the overall positioning in the market has put an upward pressure on the Portfolio’s rental rates. Average rents in the Portfolio are 10.3% below market, creating a tremendous opportunity to increase NOI upon tenant rollover.


DIVERSE TENANCY - WITH A STABLE IN-PLACE CASH FLOW

The Portfolio is 94% leased to a diversified and stable rent roll with over 3.8 years years of weighted average remaining lease term. There is an ideal mix of long-term tenancy and short-term rollover providing a stable in-place cash flow with up-side, releasing potential to maximize on the impressive submarket dynamics.

Last Updated Date: 26 Feb 2021
Doug Rodio
Doug Rodio
Senior Managing Director, Capital Markets
License details
NJ-RS296680 PA-0458708
Brett Segal
Brett Segal
Managing Director, Capital Markets
License details
PA-RS322575

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Last Updated Date: 26 Feb 2021

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