PHILADELPHIA – The Rubenstein Co. LP has purchased a 1.4 million sq. ft., Class-A office/research building portfolio from Wyeth-Ayerst Pharmaceuticals Inc. in suburban Radnor, Pa. The portfolio, which has served as the corporate headquarters for Wyeth-Ayerst, is located at the intersection of the Blue Route (I-476) and Route 30 (Exit 5 – Villanova/St. Davids) in the center of the Philadelphia Main Line. Rubenstein will rename the campus Radnor Financial Center.
Wyeth-Ayerst, a subsidiary of American Home Products Corp., will remain in most of the buildings through 2003, and will relocate to Collegeville, Pa., the location of its new campus. As Wyeth-Ayerst vacates portions of the portfolio, Rubenstein will begin renovations and improvements to the properties. Upon completion, the total investment will be approximately $270 million.
Rubenstein has begun to market for sale Wyeth’s research laboratory complex located at 145 King of Prussia Road, which will be vacated by the end of the year. In addition, Rubenstein will begin leasing approximately 162,000 sq. ft. available in 201 King of Prussia Road to third-party tenants. The company will undertake a massive redevelopment of that building to include reconstruction of the lobbies, restrooms, elevators and all public areas. All exterior glass will be replaced; new landscaping will be installed; and the parking lots will be repaved.