September 13, 2018 – Yardley, PA – Rubenstein Partners, L.P., (including its affiliates, “Rubenstein”), a vertically-integrated real estate investment manager focused on value-added office property opportunities, is acquiring eight assets within the Lower Makefield Corporate Center, a Class-A corporate office campus located in Lower Makefield, Pennsylvania.
The Lower Makefield Corporate Center is divided into two separate campuses situated less than a mile apart. Rubenstein’s acquisition includes three office buildings and two retail buildings totaling 190,000 square feet on the North Campus, and three office buildings totaling 277,000 square feet on the South Campus. The Capital Markets Group at Cushman & Wakefield was the broker on the transaction.
Rubenstein intends to implement a major capital improvement program to enhance the amenities at both the North and South Campus as well as lease up the remaining vacancy. The capital plan will center around creating a sense of place by adding outdoor work and social/recreational areas as well as upgrading the existing amenity base within the buildings. In addition, Rubenstein plans to upgrade and refresh the main lobbies, bathrooms and other aspects of the common areas.
“We view Lower Makefield Corporate Center as a superior, well-located portfolio in an area with a strong demand for Class-A office product that we intend to build upon through our amenity development program,” notes Stephen Card, Principal and Regional Director of the Mid-Atlantic at Rubenstein. “Rubenstein also has extensive familiarity with this particular submarket, having previously owned and sold the nearby Princeton South Corporate Center.”
The Lower Makefield Corporate Center is situated in the Southern Bucks County office submarket, directly off Route 332 and adjacent to I-95. The property is just a 15-minute drive to the Trenton Amtrak train station, a 25-minute drive to the Princeton market, and a 40-minute drive to Center City in Philadelphia.
About Rubenstein Partners
Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing office real estate investments in the U.S. Rubenstein Partners’ predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 21 million square feet of office real estate assets throughout the United States. For more information, visit www.rubensteinpartners.com.