Crosskeys For Keystone

Keystone Property Group acquired the Crosskeys Building, at 4259 Swamp Road in Doylestown, PA. The 82,382-square-foot office building was purchased from First Union National Bank for $5.15 million, approximately $62.50 per square foot. The building is currently undergoing dramatic, multi-million dollar upgrades under Keystone’s ownership, which are expected to be complete this September. A new façade is the most obvious external change and inside the building, an upgraded lobby will greet tenants and visitors. The electrical and mechanical systems are also being improved. Lead tenants at Crosskeys include First Union, which has leased back 25,000 square feet for 10 years, and the Bucks County, which leases 20,000 square feet. Michael Hines, John Birmingham and Robert Fahey Jr. of Cushman & Wakefield of Pennsylvania Inc. represented the buyer. Robert Zwengler and Aimee Alexander of Insignia ESG represented the seller. Cushman & Wakefield is now the leasing agent for Crosskeys.