Jefferson Health recently sold a three-story office property located at 1099 White Horse Road in Voorhees, New Jersey. The building spans 27,000 square feet and was previously used as the headquarters for Kennedy Health System before Jefferson acquired it in 2017. The sale of the vacant office building is a positive indicator for the overall office market, according to Evan Zweben, Executive Vice President & Broker Manager of WCRE, who represented Kennedy Property Corp., an entity controlled by Jefferson Health, in the sale. The financial terms and identity of the buyer were not disclosed. WCRE was appointed as the exclusive marketing agent for the property in 2022.
In December 2023, Jefferson Health and Lehigh Valley Health Network announced plans to combine forces. The space at 1099 White Horse Road was most recently occupied by various departments of Jefferson Health New Jersey. For the fourth quarter of 2023, WCRE reported completed sales totaling $54.29 million this January, covering 488,376 square feet. New leasing activity accounted for more than half (58%) of completed deals in Q4. Average rents for Class A and B products have remained stable for over a year, ranging from $10-$15 per square foot triple net lease or $20-$25 per square foot gross.
Zweben expressed optimism about the future of the property, stating “For all of the talk about the struggles of the office market in general, we had an enormous amount of activity on this property. I am looking forward to watching the buyer bring their vision to life in the coming months.”
