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Keystone And Argosy Sell Devon Square Office Complex In Wayne

724 West Lancaster Ave., one of two buildings that make up Devon Square

A joint venture between Keystone Property Group and Argosy Real Estate has produced a large suburban office sale.

The two firms sold Devon Square, a two-building office development on West Lancaster Avenue in the suburb of Wayne's main drag, for $33.5M. The buildings total 140K SF and are 95% leased, with tenants such as Merrill Lynch, Penn Liberty Bank, Keller Williams Real Estate and Main Line Surgery Partners.

After acquiring the Main Line properties in 2005, the JV undertook a series of capital improvements to prepare it for resale, and that finally came to fruition with the HFF-brokered transaction. The name of the buyer was not released. Keystone CEO Bill Glazer will speak at our Philadelphia State of the Market event on May 23.