Developer Eli Kahn paid $10.2 million to secure an office park in Wayne without knowing if they could convert the buildings into apartments. The property consists of eight buildings and is located at 435 Devon Park Drive, Malvern situated in Tredyffrin Township. Some are saying the move was quite a gamble.
About the Property
Why did the builders take the risk of buying first? Well, the purchase price was about half of the $20.2 million that the property sold for in 2017 due to what is called the post-Covid office market. The recent sale price equaled the value of the 10 acres of land alone. COVID‑19 led to empty office buildings because it fundamentally changed how and where people work, accelerating trends that were already emerging and creating new pressures on commercial real estate. The most significant shift was the rapid adoption of remote and hybrid work, which reduced the need for large, centralized office spaces. Even after restrictions lifted, many companies kept flexible work models in place, leaving millions of square feet of office space unused. Analysts note that hybrid work has created a structural shift in the office market, pushing vacancy rates to a 30‑year high as of late 2022.
Simply, it was too good of a deal to pass on.
What is Replacing the Offices?
Since the purchase, approvals have been obtained. The project, which will go by Buttonwood Apartments, involves plans to convert space into 162 garden-style apartments across the buildings at a cost of $22 million. The conversion is being implemented in phases with preleasing already happening. If all goes according to plan, the first apartments would be available by April and completed in entirety by summer 2027.
In the past year, existing tenants who came with the purchase continued paying on their leases helping to lighten the load. Now vacating, and approvals granted by Tredyffrin Township, the project is a go. The 162 units average 625 square feet and are planned to be studios and one-bedroom units with monthly rents projected to be around $1,700 for studios and $1,925 for one-bedroom apartments. As part of the township’s approval process, the developers agreed to convert an existing parking lot into a new 3‑acre park, creating a meaningful green space for residents while still maintaining more than 400 parking spaces even after removing 150 spots. One of the planned buildings will feature 9,000 square feet of amenity space, offering conveniences such as a fitness center, sauna, golf simulator, lounge, and dedicated coworking areas designed to enhance everyday living.
The apartments are intended to serve as workforce housing. With apartments in the area typically renting for $2,500 per month, working individuals like nurses, educators, and police cannot afford to live where they are employed. This would change that.
As a bonus, the site offers a fantastic location. It is about 3 miles from the King of Prussia Mall, just south of Route 202 and near the intersection of I-76 and I-276.
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