Insurance Firm Inks 42K SF Lease To Relocate Suburban Philly Office
The owner of a recently refinanced Main Line office complex has scored a new tenant with international connections.
HSB leased 41,700 SF at 965 Chesterbrook Blvd. in Berwyn, according to a spokesperson. The equipment insurance provider, a subsidiary of the German firm Munich Reinsurance Co., plans to move into the space by late summer.
The office overlooking the intersection of Duportail Road and Morris Drive is part of Rubenstein Partners’ Chesterbrook Campus, which totals 1.1M SF across 14 buildings.
The transaction was labeled as a relocation in Savills’ first-quarter greater Philadelphia office report. HSB has a space 3 miles away at 595 Swedesford Road in Radnor.
HSB signed the lease on Jan. 12, according to Cushman & Wakefield’s Q1 report.
Rubenstein secured a $127M loan to refinance the Chesterbrook Campus from Waterfall Asset Management and other third-party investors last month.
Rubenstein bought the complex in 2019 and has invested more than $50M in it since then, according to a press release. Some of that money has gone toward a new amenity center featuring fire pits and a fitness center.
“They’ve done a lot to spruce that up,” Savills Philadelphia Research Manager Daniela Stundel said of the property, which she characterized as a trophy asset. “There’s your flight-to-quality story.”
The campus sits at the intersection of Route 202 and Chesterbrook Boulevard. The closest SEPTA regional rail stations at Paoli and Daylesford are several miles away, but two bus routes stop nearby at the intersection of Chesterbrook and Swedesford Road.
HSB’s new office also overlooks the Chester Valley Trail, an 18.6-mile mixed-use path.
A JLL team including Mike MacCrory, Doug Newbert and Whitney Hunter manages leasing at the Chesterbrook Campus, according to the property’s website.
