Pennsylvania-based Mediplex Property Group recently announced the completion of its redevelopment work at 880 Swedesford Road in King of Prussia, Pa. The project, which started in May 2022, successfully repurposed a two-story former office building into a state-of-the-art outpatient health care facility.
The medical center incorporates nearly 16,000 square feet of suburban Philadelphia office space and includes highly specialized laboratory spaces, ambulatory surgical suites, and clinical offices.
Located directly across from the King of Prussia Town Center, the site offers prominent highway frontage at the convergence of Route 202, Route 422, Interstate 76, and the Pennsylvania Turnpike.
Conveniently located near a major mixed-use retail and residential complex, the site was an attractive choice for an affiliate of IVI-RMA Global: International health care provider RMA Reproductive Medicine Associates pre-leased the property in its entirety. Estimated to have a significant influence on the local health care landscape, this development not only revitalizes underutilized local structures, but also brings specialized medical services closer to the community in the form of outpatient care, which is more efficient, more convenient, and less costly for patients.
The adaptive reuse project saw a total interior and exterior renovation of the property to suit the highly specialized needs of the incoming tenant. Project partners included Linn Architects of Media, Pa., for design, as well as Axis Construction Management of King of Prussia, Pa., for construction.
According to the April 2024 national office report published by CommercialEdge, Philadelphia office space was among the most affordable in the Northeastern U.S. region at the close of Q1 2024. Specifically, the average full-service equivalent listing rate here was $31.85 per square foot in March, which was below the national average of $37.74 per square foot.
Office space under construction and in the planned stages here at the close of Q1 represented nearly 5% of existing stock. Meanwhile, office transactions closed since the start of the year added up to nearly $60 million and averaged a sale price of roughly $94 per square foot.
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