Press Releases

JOINT VENTURE NAMES CBRE EXCLUSIVE LISTING AGENT FOR OFFICE BUILDINGS AT ELLIS PRESERVE IN NEWTOWN SQUARE, PENNSYLVANIA

<html xmlns="http://www.w3.org/1999/xhtml"> <head></head> <body> <p><img src="/media/187568c7-08ee-45fe-90fc-495b034e1454/Press Releases/2016_2-4_Ellis-Berwind Joint Venture_2-4-2016/Conference_Front_CMYK_png" /></p> <p class="textaligncenter"><em><strong><em>Current offering includes nearly 600,000 SF of existing office and amenity space within a 218 acre master planned development</em></strong></em></p> <p><strong>PHILADELPHIA, PA. –</strong> The joint venture consisting of <a href="http://www.equuspartners.com/">Equus Capital Partners</a>, Ltd., one of the nation’s leading private equity real estate fund managers, and its investment partner &#160;have announced their plans to offer the existing office buildings in Ellis Preserve in Newtown Square, Pennsylvania for sale. &#160;</p> <p>CBRE has been appointed exclusive listing broker for the transaction. The CBRE team will be led by Robert Fahey. &#160;</p> <p class="Noparagraphstyle">“Now is an opportune time to market the office portion of the campus given the keen interest among institutional real estate investors in acquiring high quality office campuses with long term credit tenancy,” said Fahey. “Likewise, investors will find Ellis to be particularly attractive and positioned for future appreciation as the remaining mixed use development is built out.”&#160;</p> <p>Ellis Preserve is a unique, 218 acre mixed-use community situated at the intersection of Routes 252 and 3 in Newtown Square, Pennsylvania, 15 minutes west of Philadelphia and part of the area known as the Philadelphia Main Line.&#160; The present offering will include approximately 596,000 square-feet of existing office and amenity space situated on approximately 40 acres overlooking the Campus Greene. &#160;The space is presently 98% leased. This current sale offering follows previous sales of the 130,000 square-foot Main Line Health Medical Office Building in November 2012, developed by the venture in 2006 under a build-to-suit lease agreement; as well as the redevelopment and sale of the 233,000 square-foot Sunoco Headquarters Building to Sunoco, Inc. in December 2013.</p> <p>Since acquiring the entire 218 acre campus in June 2004 from SAP, the Joint Venture has completed major redevelopment projects affecting all of the office campus buildings while seeking development approvals for a Mixed Use Town Center Development on the remaining development land. From the beginning, the Joint Venture has been focused on integrating economically viable development plans with the site’s rich historical legacy. The unique combination of beauty, service, convenience, and amenities has established Ellis Preserve as an ideal corporate campus.&#160;</p> <p>“We have worked diligently over the past 12 years to execute our vision for the campus; we have completed adaptive reuse of 11 buildings and constructed a brand new building for Main Line Health,” said Steve Spaeder, Senior Vice President of Equus Capital Partners. &#160;“We have attracted more than 30 new companies to the campus representing nearly 3,000&#160;<em><u>new</u></em><em>&#160;</em> jobs. We have removed the&#160;guard gates and invite the community inside the campus to experience the past history and present community that is Ellis Preserve.”&#160;</p> <p class="Noparagraphstyle">There is more exciting development in the works. In 2015, the Joint Venture entered into an agreement to sell approximately 22 acres of land to Toll Brothers on which the home builder will build 76 Luxury Townhomes. That transaction is expected to close in the spring of 2016 with construction to commence soon after.&#160;</p> <p class="Noparagraphstyle">Also in 2015, an affiliate of Equus Capital Partners, Ltd. acquired approximately 18 acres from the Joint Venture and commenced construction of the first phase of a mixed-use project which will include a 51,700 square-foot Whole Foods, a 136 room Hilton Garden Inn, and 58,000 square-feet of additional shops and restaurants. Equus reports that completion of this first phase will be early in 2017.</p> <p class="Noparagraphstyle">In 2016, an Equus affiliate will acquire approximately 8 acres of land from the Joint Venture on which it will develop Madison at Ellis Preserve, a luxury apartment community to be operated by Madison Apartment Group, L.P., a wholly-owned subsidiary of Equus Capital Partners, Ltd.</p> <p class="Noparagraphstyle">The Joint Venture will continue to own lands for future development which may include up to 335,000 square-feet of additional retail space, 400,000 square-feet of additional office, and a second hotel.</p> <p><strong>About Equus Capital Partners, Ltd. <br /> </strong> Equus Capital Partners, Ltd. (“Equus”), is one of the nation’s leading private equity real estate fund managers. Equus’ portfolio consists of approximately 18 million square feet of office, retail, and industrial properties and over 11,000 apartment units across 49 multi-family communities located throughout the United States. The firm is headquartered in the Philadelphia area, with a principal office in Yardley, PA, and with offices in Philadelphia, Chicago, Los Angeles, Washington D.C., Boston, Atlanta, and Raleigh-Durham. For additional information, please visit the company’s website at <a href="http://www.equuspartners.com/">www.equuspartners.com</a>.</p> <p><strong>For additional information on Equus Capital Partners, Ltd., please contact:</strong><br /> Joseph G. Nahas, Jr., CRE, Senior Vice President, (215) 575-2363</p> <p><strong>For additional information on the transaction or Ellis Preserve, please contact:</strong><br /> Stephen M. Spaeder, Senior Vice President, (215) 575-2386</p> </body> </html>