Crown Properties’ 215,465-square-foot Woodland Falls Corporate Center Nearing Maximum Occupancy
PNC Wealth Management and CorCentric leases brings building occupancy to 95 percent
PHILADELPHIA – Feb 20, 2019 -- JLL Executive Vice President Rick Widerman and Vice President Dan Close bring occupancy of Woodland Falls Corporate Center in Cherry Hill, N.J. to 95 percent with the completion of two office leases. The Class A office complex consists of three three-story buildings totaling 215,465 square feet.
PNC Wealth Management will take occupancy of the entire third floor of 200 Lake Drive East in February. The long-term lease totals 28,095 square feet. CorCentric recently took occupancy of 16,830 square feet on the second floor.
“Crown Properties acquired Woodland Falls Corporate Center less than two years ago and immediately undertook a capital improvements program making enhancements to the building systems, repaving the parking lots and renovating two of the building lobbies,” said Widerman. “Occupancy when they bought the complex was 74 percent and with the new tenants, is now 95 percent.”
The corporate center atriums and patios overlook surrounding lakes, and the water is reflected off of the precast architectural concrete panels with silver glass. Beyond the beauty, building amenities include food service and a fitness center with onsite showers.
“The revitalization of certain parts of Cherry Hill and tenants’ desire to have easy access to Philadelphia are decidedly benefiting Cherry Hill from an occupancy standpoint,” said Close. “Well positioned Class A assets in the Cherry Hill sub-market have vacancy rates below 5% and are attracting tenants from the 3M sub-market, such as PNC Wealth Management.”
With these two notable transactions and the expansion and relocation of Aerotek within the 220 Lake Drive East building, Woodland Falls Corporate Center currently only has two remaining suites available for lease.
“We are pleased with the new leasing activity at the complex but we are also very proud of our tenant retention. We have not lost any of the existing tenant’s since acquiring the three building complex,” said Alexa Rad, Managing Member, Crown Properties. “Leasing velocity has been exceptional and we are proud to make Woodland Falls Corporate Center home to so many exceptional tenants.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Crown Properties
Crown Properties Inc. is a vertically-integrated real estate investment and development company based in New York City. Established in the early 1980s, Crown owns, operates and has interest in a portfolio in excess of $2 billion, including 7,000,000 square feet of commercial property and 2,500 residential units. For more information, visit crownproperties.com.