Bridge Group Invests $8 Million In Malvern's Lindenwood Center

MALVERN, PA — Philly suburbs are a good investment and Malvern is among those chosen in a national suburban office strategy by Bridge Office.

Bridge Office recently acquired Lindenwood Corporate Center, a five-building Class-A office campus in Malvern totaling 280,034 square feet.

Playing into Bridge's national suburban office strategy, the buyers plan to inject nearly $8 million of capital improvements and tenant improvements into Lindenwood. According to the recent Newmark Opportunity Index, Philadelphia's office market was ranked in the top five office markets outside of the Sunbelt and is well-positioned to rebound post-pandemic, a key factor in Bridge's investment, the company said in a news release.

The acquisition is Bridge Office's second in Pennsylvania. The firm also owns Bay Colony, a 250,000-square-foot office campus located in Wayne.

Situated on 28 acres at the interchange of U.S. 202 and Route 29, Lindenwood Corporate Center is strategically located 25 miles northwest of downtown Philadelphia. It sits directly across the street from Uptown at Worthington, a 1.4-million-square-foot mixed-use development that includes retail, fast-casual restaurants and luxury apartments, and connection to the Chester Valley Trail.

"We believe Lindenwood Corporate Center provides a rare opportunity to reposition an asset that has a prime location advantage with considerable upside potential," said Brian Tretinik, Bridge Office’s Managing Director of Asset Management. "The surrounding submarket is trending upward due to a talented workforce and population growth, while the property offers walkable amenities and a unique park setting that curate an office community where people want to live, work and play."

Developed in 1985, the property is currently home to PQ Corporation, Siemens Corporation, and Cisco Systems. Bridge Office plans to invest an additional $8 million in capital improvements and tenant improvements, including an outdoor amenity area to tie the five-building campus together and create a modernized office campus.

"The office is here to stay, and our acquisition of Lindenwood Corporate Center reflects Bridge's confidence that suburban markets are poised to lead the recovery as office reentries pick up steam in Philadelphia and around the nation," said Jeff Shaw, CEO of Bridge Commercial Real Estate.

"We remain focused on high-growth suburban hubs like Malvern as cheaper rent, shorter commutes, and abundant outdoor workspace continue to drive demand for companies that are pivoting to keep up with the new expectations of today’s workforce," said Shaw.

Recent leasing activity at Lindenwood has outpaced the market, with 55,000 square feet of new leases executed in 2020. According to The Newmark Opportunity Index, Philadelphia's office market was ranked in the top 5 office markets outside of the Sunbelt, and is well-positioned to rebound post-pandemic.

Available office spaces at Lindenwood Corporate Center range from 1,700 to almost 21,000 square feet, the company said.

Lee & Associates of Eastern Pennsylvania, LLC represented the seller, TA Realty, in the transaction. The property will be leased by JLL's Adam Shute and Chris Werner. Lindenwood Corporate Center will be managed by Bridge Office’s operating arm, Bridge Commercial Real Estate.

JLL's Shute said, "Lindenwood is extraordinarily well located within the burgeoning Malvern market, and the JLL team is excited to partner with Bridge as they breathe new life into the campus."

Bridge Investment Group is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $26 billion of assets under management as of March 31.

Bridge Commercial Real Estate specializes in creating desirable, next-generation workspaces. BCRE provides world-class commercial office brokerage services, property management, accounting, and commercial construction services for Bridge Office assets.

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