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Matrix Development moves to PA with 2 purchases.

Matrix Development moves to PA with 2 purchases

After more than a decade as a key player in central New Jersey real estate, Matrix Development Group has moved into Pennsylvania with the purchase of two Class A office buildings in the Commonwealth Corporate Center of Horsham in suburban Montgomery County.

With financing provided by United Jersey Bank, Matrix has purchased 100 Tournament Drive and 200 Tournament Drive, two three story glass and brick structures built on the golf course of the Commonwealth National Golf and Country Club. The buildings offer a total of more than 200,000 square feet of rentable space.

Commonwealth Corporate Center was master planned and fully approved in the late 1980s by Hansen Properties of Philadelphia for up to 1.5 million square feet of first class office space surrounded by the golf and country club. The property was formerly known as Hidden Springs Golf Course. Plans call for construction of thirteen additional buildings intermingled through the fairways and greens.

Tenants in the two buildings include the Dudnyk Company, an advertising agency; General Mills Batesville Casket; Merck & Company; General Motors Acceptance Corporation (GMAC) the Pennsylvania College of Chiropractic, Duplifax and Chrysler Credit.

The property is located on Horsham Road, near the Pennsylvania Turnpike and Routes 611 and 63 and 20 miles north of Center City, Philadelphia. The landscape of acres of woods, waterways and manicured greens provides a unique amhiance that combines business and recreation.

The architects, Shapiro Petraukus Gelber of Philadelphia, have used an English Country theme. 100 Tournament Drive features an inner skylit atrium with generous balconies surrounding the upper levels of the red brick and glass building. The building opened in 1989. 200 Tournament Drive, completed in 1990, also features a spacious multi-level entrance.
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Title Annotation:Review & Forecast Section IV
Publication:Real Estate Weekly
Date:Jan 29, 1992
Previous Article:How to survive the recession.
Next Article:Strong to survive in NJ.

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