Keystone Property Group Announces Two Leases Totaling Over 48,000 Sq Feet At Devon Square In Wayne

Oct. 21, 2008 - PRLog -- Bala Cynwyd, PA - Keystone Property Group (KPG) is proud to announce that Penn Liberty and Merrill Lynch  signed leases which will occupy over 48,000 feet of space within their Devon Square Property, 724 W. Lancaster Ave in Wayne.  The aggregate value of both transactions is $12.5 million.

In one transaction, Penn Liberty Bank, signed a fifteen-year lease at this class “A” office complex. The bank is relocating its headquarters and a branch from another location in Wayne. Penn Liberty’s corporate headquarters will be located on the second floor, while the bank branch will be located on the building’s 1st floor. They are set to take occupancy on December 1st of this year. Penn Liberty was represented by Andy Spillard of CB Richard Ellis. Keystone Property Group was represented by Beacon Commercial Real Estate.

In the second deal, Keystone aided in the renewal and expansion of Merrill Lynch, one of the world’s leading wealth management, capital markets and advisory companies. Merrill Lynch currently occupies 25,364 square feet on the first floor of Devon Square One. They will be renewing their lease for this space as well as expanding to an additional 3,000 square feet on the second floor of the building. Plans to move in to the expansion space are set for January 2009. Merrill Lynch was represented by Matt Feeney of CRESA Partners. Keystone Property Group was represented by Beacon Commercial Real Estate.

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Keystone Property Group is a real estate investment and property development company with a unique ability to identify and capitalize on opportunity - the opportunity to create value through development, financing, leasing, property and asset management