Jones Lang LaSalle Incorporated : Sale of life science building in suburban Philadelphia closes

PHILADELPHIA - August 2, 2022 -JLL Capital Markets announced today that it has closed the sale of 466 Devon Park Dr., a 155,200-square-foot GMP rated lab facility in Wayne, Pennsylvania, a suburb of Philadelphia.

JLL marketed the property on behalf of the seller, Maguire Hayden, in the sale to a private buyer.

Renovated in 2018, the property boasts 22' clear heights as well as two loading doors and three drive-ins providing impressive functionality. Additionally, a new amenity center was added to 466 Devon Park Dr. providing tenants with a cafeteria, conference space and a state-of-the-art fitness facility. The building is fully leased to Charles River Laboratories (NYSE: CRL), an early-stage contract research company providing drug discovery, non-clinical development, and safety testing services to clients.

Located on 10 acres in the highly desirable King of Prussia/Wayne submarket, the facility is strategically positioned along the Route 202 corridor and features superior local and regional access to the area's busiest roadways, including Routes 422 and 202, The Pennsylvania Turnpike (I-276) and Interstates 76 and 476. 466 Devon Park Dr., benefits from its position in the greater Philadelphia MSA, which has the largest concentration of healthcare in the country with over 120 hospitals, 200 pharmaceutical and biotechnology firms and 135 medical manufacturers throughout the region. As a result, it is the largest job sector in the area with 26.6% of residents employed in education and health services.

The average household income within a five-mile radius of the building is over $145,000 outpacing the rest of the county. Additionally, more than 29.8% of the population over 25 are estimated to have earned a graduate/professional degree with 32.7% holding a bachelor's degree, more than double the national average.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Jim Galbally and Brett Segal.

"Maguire Hayden did an excellent job repositioning 466 Devon Park Dr. into a state-of-the-art life science asset," said Galbally. "We saw a tremendous amount of investor interest from both institutional and international capital. We expect investor interest in Philadelphia to remain competitive, especially for core life science product. We were pleased to work with Maguire Hayden on a successful transaction."

"The sale of 466 Devon Park Dr. substantiates life sciences demand in the Greater Philadelphia region," added Segal. "The offering was extremely sought after and further solidifies the value proposition of highly amenitized, converted R&D facilities in up-and-coming life sciences clusters in our area."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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