After spending 20 years as offices for Chemical Leaman Corp., one of the nations largest tank truck operations and serves as a motor carrier of bulk commodities primarily for the chemical process industry, 102 Pickering Way, Exton, will undergo a $5-million renovation into a Class A building.

Chemical Leaman's operations were relocated out of state.

Keystone Real Estate Inc. bought the five-story, 81,000-square-foot building, located off the Downingtown interchange of the Pennsylvania Turnpike, for just under $6 million, said Bill Glazer, a partner in the real estate company. The extensive renovations include new windows, facade, lobby, fiber optics and other upgrades and are expected to be completed by October.

Attempting to tap into the office market in the far western suburbs, especially with Vanguard's recent purchase nearby, Glazer expects the building to draw tenants from the tight and more expensive King of Prussia/Malvern market. Rents will start at $22.50 a square foot, which is at least $5 a square foot below the going rate in King of Prussia and its surrounding area. Glazer and several other partners were responsible for the successful development of the Parkview Tower next to the Valley Forge Convention Center.

The property was sold by First Industrial Real Estate Trust, which was represented by Smith Mack/Oncor. Keystone was represented by NAI Geis Realty Group Inc. in the transaction. The brokerage [NAI Geis Realty Group, Inc.] will also handle leasing.

Natalie Kostelni can be reached at nkostelni@bizjournals.com or 215-238-5139.