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Oct
14

MLP Ventures buys two more buildings in King of Prussia for $41.8M, plans to convert one into lab space

October 14, 2021

Source, Philadelphia Business Journal

MLP Ventures has acquired two office buildings at Renaissance Park in King of Prussia for $41.8 million, adding to the company’s real estate holdings in that part of Upper Merion.

MLP bought 2201 Renaissance Blvd., a 133,880-square-foot building on 15 acres, for $27.9 million, or $208 a square foot, and 2100 Renaissance Blvd., a 98,726-square-foot building on nine acres, for $13.9 million, or $140 a square foot. Jeff Mack of Newmark arranged the sale.

Equus Capital Partners was the seller and the transactions were done separately. The Newtown Square company bought the buildings in 2018 as part of a larger portfolio acquisition that involved seven properties.

MLP, now based in Radnor, plans to relocate its headquarters and related companies into 2201 Renaissance. Purolite Corp. occupies 12,500 square feet in the building and MLP will fill out the remaining space.

At 2100 Renaissance, the Nuclear Regulatory Commission plans to move out of 85,000 square feet and into space at 475 Allendale Road, where it had previously been before relocating to Renaissance Boulevard in 2012.

Once that move takes place, MLP plans to convert 2100 Renaissance into lab space, adding to its cluster of nearby life sciences properties totaling 1.6 million square feet. The real estate company has been transforming the former GlaxoSmithKline property off of Swedeland Road into Discovery Labs and 640,000 square feet at Renaissance Park into Innovation at Renaissance. The addition of the two new buildings at Renaissance brings that total up to 873,000 square feet.

The former GSK space is 94% leased up and the Renaissance lab space is nearly fully leased, said Brian O’Neill of MLP.

In May, the University of Pennsylvania signed a lease on 150,000 square feet at Discovery Labs for its Penn Vector Core. Led by gene therapy expert Dr. James M. Wilson, Penn’s gene therapy program has been responsible for breakthrough therapies for a variety of disorders.

Less than a mile away, MLP is spending around $400 million to convert the former 900,000-square-foot Philadelphia Inquirer printing plant on River Road into life sciences manufacturing space.

“We understand the science and we’re very much a colleague with our customers and have more than a tenant-landlord relationship,” O’Neill said.

MLP’s space in Upper Merion joins several other life sciences nodes across the region including Exton, Spring House, University City and the Philadelphia Navy Yard.

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