200 Lake Drive East in Cherry Hill — Courtesy: JLL
By Joshua Burd
A newly upgraded, three-building office park in Cherry Hill is nearly full after two recent leases totaling nearly 45,000 square feet, brokers with JLL announced this week.
Working on behalf of Crown Properties, the owner of Woodland Falls Corporate Center, the leasing team said it secured long-term commitments from PNC Wealth Management and CorCentric, a payroll services firm. PNC is taking the entire third floor of 200 Lake Drive East in February as part of its 28,095-square-foot lease, while CorCentric recently took occupancy of 16,830 square feet on the second floor.
JLL Executive Vice President Rick Widerman and Vice President Dan Close completed the transactions, which bring occupancy to 95 percent. Widerman noted that the 215,465-square-foot complex, which is made up three-story buildings, was 74 percent occupied when the current ownership took over.
“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,” he said.
Those improvements have helped draw interest from tenants in nearby submarkets such as Moorestown, Mount Laurel and Marlton.
“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,” Close said. “Well positioned Class A assets in the Cherry Hill submarket have vacancy rates below 5 percent and are attracting tenants from the 3M submarket, such as PNC Wealth Management.”
Woodland Falls Corporate Center also saw another tenant, Aerotek, expand and relocate within the 220 Lake Drive East building.
“We are pleased with the new leasing activity at the complex but we are also very proud of our tenant retention,” said Alexa Rad, managing member with Crown Properties. “We have not lost any of the existing tenants since acquiring the three building complex.
“Leasing velocity has been exceptional and we are proud to make Woodland Falls Corporate Center home to so many exceptional tenants.”
