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Keystone And Argosy Sell Devon Square Office Complex In Wayne

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.