PRINCETON, N.J. – Chambers Street Properties(NYSE: CSG)announced that 1400 Atwater Drive, a two-building, five-story Class A office property in the Philadelphia suburb of Malvern, Pa., is a 2013 recipient of the Gold Award inBuilding Design + Constructionmagazine’s Building Team Awards.
Building Design + Construction’sBuilding Team Awards recognize newly built projects that best exemplify the collaboration between owner, architect, engineer, and contractor to produce buildings that exhibit architectural and construction excellence.
The 150,000 square foot buildings were developed by Chambers Street in a joint venture with Trammell Crow Company. Malvern-based IMC Construction was the general contractor and L2 Partridge designed the buildings. The buildings were completed in January 2013 and are fully leased to a specialty healthcare solutions company focused on branded products, generic pharmaceuticals, medical devices and services.
The buildings areconnected by a spacious two-story lobby and feature a full-service cafeteria, fitness center and conference center on a 15-acre parcel. The buildings were designed to maximize views of an adjacent 60-acre lake. The development is locatedwithin Atwater Corporate Center, a 388-acre business park located directly off I-76 (Pennsylvania Turnpike) at Highway 29.
“The entire development team put a tremendous effort into delivering a very high-quality project that houses a corporate headquarters worthy of our tenant’s reputation and stature,” said Philip L. Kianka, Executive Vice President and Chief Operating Officer, Chambers Street. “It makes the entire team tremendously proud to have peers such as those judgingBuilding Design + Construction’sBuilding Team Awards recognize the project’s excellence in construction and design,” he added. “This was an excellent collaborative effort and everyone did an outstanding job working with all of our team members to deliver the buildings on time and budget.”
About Chambers Street Properties (NYSE: CSG)
Headquartered in Princeton, New Jersey, Chambers Street is a publically traded REIT that is led by an experienced management team that is focused on acquiring and managing income-producing industrial (primarily warehouse, distribution and logistics) and office properties leased to creditworthy corporate and government tenants. The Company’s primary objective is to maximize shareholder value through stable cash flow and long-term asset appreciation. In pursuing this objective, Chambers Street targets growth through acquisitions and selective built-to-suit development in markets that complement its existing portfolio, actively manages its balance sheet to maintain flexibility with conservative leverage, and seeks internal growth through proactive asset management, leasing and property management oversight.
Since Chambers Street’s formation in 2004, the Company has acquired and developed a high-quality industrial and office portfolio comprised primarily of single tenant net lease properties with an aggregate purchase price of approximately $3.2 billion. As of March 31, 2013, Chambers Street owned or had a majority interest in 129 properties located across 22 U.S. states, Germany, and the United Kingdom encompassing approximately 34.1 million rentable square feet. As of March 31, 2013, Chambers Street’s portfolio had a weighted average age of approximately 10 years and was 97% leased with approximately 82% of its rentable square footage leased to single tenants on a triple net basis.
For more information, please visit:www.ChambersStreet.com
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