Wells Real Estate Investment Trust II has purchased a three-story, class A office property in Chesterbrook Corporate Center in suburban Philadelphia, leased to Shire Pharmaceuticals until 2017.
Wells REIT II acquired the building at 1200 Morris Drive in Tredyffrin Township, Pa., for an undisclosed price from Grosvenor Investment Management US Inc., on behalf of a pension fund client.
Shire, headquartered in the United Kingdom, is a global specialty biopharmaceuticals company. The 114,000-square-foot building, 100 percent occupied by Shire, is currently undergoing a major renovation.
This is Wells REIT II’s third acquisition in Pennsylvania, and the first in metro Philadelphia.