Keystone Property Group inks Moorestown deal with Destination Maternity

The developer announced the 74,000-square-foot lease on Wednesday, three months after the state offered a $40 million tax credit to lure the maternity clothing maker. The deal means the three-building Moorestown campus is now 85 percent leased as Keystone continues a series of interior and exterior improvements.
The Bala Cynwyd, Pa.-based real estate firm acquired the property last year from Mack-Cali, which has sold many of its “non-core” office properties over the past year as it moves into the multifamily sector. The only remaining space in the 223,000-square-foot Moorestown campus is 34,000 square feet at 224 Strawbridge Drive, Keystone said.
Destination Maternity, which supplies Kohl’s department stores and operates nearly 1,900 sites in North America, has also told state officials it would occupy a new warehouse in nearby Florence. The company would bring 620 jobs to New Jersey under its tax credit award from the Grow New Jersey Assistance Program.
Jones Lang LaSalle Managing Director Brian Knowles and Executive Vice President Rick Widerman represented Destination Maternity in the deal, Keystone said in a news release. The landlord was represented in-house by Richard Gottlieb, a senior vice president, and Scott Paymer, its mid-Atlantic regional director.