“The success of filling the Cedar Run Corporate Center reflects our outstanding multi-faceted repositioning program, which increased the asset’s underlying value and appeal, resulting in a jump from 19 to 100 percent occupancy,” said Andrew J. Kleeman, AMC Delancey vice president of asset management.
Paul Wolfson, vice president of NAI Geis Realty Group, Inc., who served as AMC Delancey’s leasing broker, added, “Fully leasing this building took place during one of the weakest King of Prussia leasing markets in decades, one that peaked at 25.3 percent vacancy in 2003 and remains at around 14 percent today. Cedar Run Corporate Center was a very unique opportunity for tenants to get a Class ‘A,’ fully renovated office building with superior finishes and ideal setting in the heart of King of Prussia. That is a major reason why it leased so well in these market conditions.”
AMC Delancey acquired the owner-occupied building in 2002 and subsequently spent in excess of $2 million in renovations and additions, including a new state-of-the-art HVAC system, a second elevator directly in the main lobby, and bucolic landscaping to the entire property. The end result is a Class ‘A’ office building for multi-tenant occupancy designed to tenant’s specific needs and desires. The building’s unique attributes, including contemporary architecture with a glass and California cedar exterior and park-like setting, make Cedar Run Corporate Center an excellent alternative to the typical suburban office building.
“Cedar Run Corporate Center was the perfect choice for our company, as it’s like an oasis in the middle of King of Prussia,” said tenant Karen Wilhelm of PMI Mortgage Insurance Company. “Unlike so many other buildings, this one provides an ambiance of corporate tranquility due to its cedar exterior and immaculately landscaping, while still being conveniently located near all local amenities.”
Dr. Katzman added, “The serene setting of Cedar Run Corporate Center is great for my business. People don’t particularly enjoy visiting doctors, but instead of patients arriving to a cold, common office building that may add to their potential stress, they arrive here to a tranquil site of colorful landscaping, an abundance of green trees and a home-like building. They are already at ease before walking in my door.”
About NAI Geis Realty Group, Inc.
About AMC Delancey Group, Inc.
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