Chesterbrook Corporate Campus Refinanced Following Major Upgrades by Rubenstein
Waterfall Asset Management has finalized a $127 million refinancing deal for the Chesterbrook Corporate Center, located in the suburbs of Philadelphia.
The property is owned by Rubenstein Partners and spans approximately 1.1 million square feet across 14 Class A office buildings in Chesterbrook, Pennsylvania.
The financing package includes both initial funding and additional capital allocated for future leasing efforts and ongoing property improvements.
According to Zach Liebmann, head of commercial real estate at Waterfall, the project reflects the firm’s broader strategy in commercial real estate lending. He noted that the investment is backed by a high-quality asset managed by a well-established and experienced ownership group.
Rubenstein originally acquired the office campus in 2019 for $148.5 million, based on CoStar data. Since then, the firm has undertaken a comprehensive redevelopment plan, investing heavily to modernize the property and enhance both interior and exterior spaces.
More than $50 million has been spent on capital improvements, including the creation of “The Circuit,” a central amenity hub. This space offers a variety of features such as a food hall, collaborative meeting areas, outdoor gathering spots, a fitness center, and coworking facilities.
Chesterbrook Corporate Center remains one of the largest office campuses in the Philadelphia region and continues to attract major tenants. The vacancy rate has improved to 16.8%, down from 19% a year ago and significantly lower than its peak of 29% in 2023.
In late 2024, Citco, a global financial services company managing over $1.8 trillion in assets, signed a lease for 28,117 square feet at the campus, marking one of the largest office leasing deals in the Philadelphia market during the fourth quarter.
Rubenstein plans to continue focusing on leasing activity while making targeted upgrades to further strengthen the property’s appeal.
For the Record:
The financing was arranged by Ready Capital, while CBRE served as the broker for the transaction.
Source: Original reporting by Mark Heschmeyer, CoStar News.
