4:00PM
Teleflex Incorporated, a global provider of medical devices used in critical care and surgery, has signed a long-term lease for 84,000 square feet at the new CrossPoint at Valley Forge. The office complex, a joint venture between The Davis Companies and MIM-Hayden Real Estate Funds, comprises 272,000 square feet and will undergo a $17 million complete building renovation in 2013. Teleflex will be consolidating several of its western suburban offices to this new location.
Teleflex, represented by Scott Miller and Rija Beares of CBRE, was attracted to CrossPoint’s first class amenity package, which includes a 3,900-square-foot fitness center, shared conference facilities and a 6,100-square-foot café, as well as its easy access to Routes 202 and 422, the Pennsylvania Turnpike and the Schuylkill Expressway. Newmark Grubb Knight Frank (NGKF) Executive Managing Director Jeff Mack, who, together with Adam Shute and Taylor King, represented The Davis Companies and MIM-Hayden Real Estate Funds, explained, “CrossPoint’s best-in-class renovation, excellent visibility and access to all the amenities of Wayne and King of Prussia was a perfect fit for Teleflex.”
Benson Smith, Teleflex chairman, president and chief executive officer, added, “We look forward to moving our global headquarters to CrossPoint at Valley Forge. With this move, we are taking another step in reducing the company’s global real estate footprint, as well as consolidating employees in a common location.”
Jon Davis, founder and CEO of The Davis Companies, also noted that “Teleflex will have prominent signage visibility from Routes 202, 422 and Swedesford Road. We are very proud to have Teleflex as our first headquarters company at CrossPoint.”
Construction on CrossPoint is slated to begin in February with Teleflex occupancy expected by early 2014. As part of its reconstruction, CrossPoint will feature 9’ floor-to-ceiling window systems and flexible floor plates allowing for as many as 20 corner offices per floor. The dramatic two-story, light-filled lobby will boast new glass elevators and finishes using recycled and sustainable materials. The owners are pursuing LEED Certification. There is still over 188,000 square feet of contiguous space available at the building, which is ideally suited for companies seeking new trophy class office space in the Main Line/King of Prussia, Rt. 202 area.
About The Davis Companies
Founded in 1976, The Davis Companies (www.thedaviscompanies.com) has earned a reputation for integrity, creativity and excellence, making it one of the premier real estate investment, development and management firms in the Northeast U.S. Over the years and across multiple real estate cycles, the Company has applied a disciplined and value-oriented investment approach. It has invested in approximately 120 properties representing over $2 billion in gross asset value, and has acquired approximately $550 million of commercial loans and real estate securities. Today, The Davis Companies, together with its affiliates, owns and manages a real estate portfolio of approximately 10 million square feet and is an active investor in real estate equity, debt, and fixed-income real estate securities.
About MIM-Hayden Real Estate Funds
The MIM-Hayden Real Estate Funds are co-managed by Miller Investment Management and Hayden Real Estate Investments, LLC. MIM-Hayden acquires primarily high quality but underperforming office, industrial and mixed-use properties in the Mid-Atlantic region. Utilizing the well established reputation and deep experience of its managers, the Fund repositions, redevelops and enhances the value of these commercial real estate assets. The Fund’s geographic and portfolio focus, combined with its extensive network, have made it an industry leader in the region. (www.MIM-HaydenFunds.com)
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, Newmark Grubb Knight Frank employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
Newmark Grubb Knight Frank’s integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, Newmark Grubb Knight Frank serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark Grubb Knight Frank is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.
About Teleflex Incorporated
Teleflex is a leading global provider of specialty medical devices for a range of procedures in critical care and surgery. Our mission is to provide solutions that enable healthcare providers to improve outcomes and enhance patient and provider safety. Headquartered in Limerick, PA, Teleflex employs approximately 11,100 people worldwide and serves healthcare providers in more than 130 countries. For additional information about Teleflex please refer to www.teleflex.com.