Cushman & Wakefield, a leading global commercial real estate services firm, announced today that it has secured two new leases at the Maplewood Office Park development in Fort Washington, Pa. ADP and US Health Connect have agreed to occupy nearly 48,000 square feet (sf) (a combined total) of office space at 1301 Virginia Drive, a newly renovated,104,000-sf office building that is a part of the Maplewood Office Park development, owned by Avir Realty Group.
ADP will occupy approximately 22,000 square feet (sf) on the second floor and US Health Connect will occupy the entire third floor (approximately 26,000 sf.). Both companies are scheduled to move into the building by the end of the third quarter of 2020. The addition of these tenants brings the building to a 71 percent occupancy level.
“This building and submarket continue to lead the eastern office markets in positive absorption and leasing activity,” said John Shelly, senior director at Cushman & Wakefield. “The Avir Realty Group has created an amazing community within the Maplewood Office Park development and we’re eager to see what’s next for this area.”
Maplewood Office Park is a two building Class-A complex comprised of approximately 200,000 sf. of office space. The property is also located near Pennsylvania Turnpike I-276 with a full range of amenities within walking distance including an LA Fitness and several dining options.
“These transactions are further proof that the Fort Washington office market continues to be one of the most desirable submarkets in the Pennsylvania suburbs,” said Richard F. Smith, Jr., Principal of Avir Realty. “We’re thrilled to have these two amazing tenants take root.”
Shelly and Director, Gina Brennan of Cushman & Wakefield represented Avir Realty Group on the project.
About Avir Realty
Avir Realty Group is an opportunistic real estate investment group that invests in existing industrial and suburban office properties which it typically redevelops or repositions to generate high, risk-adjusted, rates of return. The focus is on small to medium sized projects purchased at initial yields significantly higher than larger, widely marketed assets. By concentrating its activities on the Philadelphia Metropolitan area we believe macro-economic data obscures crucial details of individual submarkets where we feel we are uniquely positioned to create value.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.comor follow @CushWake on Twitter.
