By Veronica Grecu, Associate Editor
One Presidential Building, a premier office property located in one of the most desirable submarkets in suburban Philadelphia, will soon reach full occupancy.
One Presidential Building – Bala Cynwyd PA
Owner Keystone Property Group announced it signed a lease agreement with Live Nation Entertainment for 12,000 square feet of space at the four-story Class A asset. Keystone was represented in-house by Scott Paymer, while Newmark Grubb Knight Frank advised Live Nation in this transaction.
According to a statement for the press, the Beverly Hills-based entertainment giant will occupy Keystone’s former headquarters in the building over the next ten years. Live Nation’s move from nearby Bala Pointe Office Center at 111 Presidential Blvd. is set to bring the company’s four local affiliates— Live Nation Philadelphia, Live Nation Arenas, Ticketmaster and Maverick —under one roof.
“Welcoming one of the world’s most prominent entertainment and event companies to One Presidential is affirmation of the improvements we’ve made to the space in order to attract world-class tenants,” said in a prepared statement Bill Glazer, President of Keystone. “As we continue to develop and improve our properties to accommodate today’s most forward-thinking companies, we’re especially pleased to have Live Nation aboard,” he added.
Located at the corner of City Lane Ave. and Presidential Blvd., the 130,804-square-foot building was completed in 1956 as the headquarters of Gulf Oil and one of the first big-box office properties outside Philadelphia. In 2006, the property was sold by the Morgan Family Trust to Keystone for south of $19 million, according to data provided by real estate website PropertyShark. Two years later the new owner completed an environmentally friendly redevelopment at the building that included upgrades to the HVAC system to meet the Energy Star rating code for Building Automation System, new energy efficient lighting, installation of a new E-glass curtain wall system with an insulated glazing system that helps reduce energy consumption, as well as renovation of the main lobby that now displays a two-story waterfall, marble floors and wood paneled walls.
Image courtesy of Keystone Property Group