King of Prussia’s Kairos Real Estate Partners plans to renovate a 124,000-square-foot office building in Blue Bell that it has bought for $3.3 million in partnership with a Maryland firm, writes Natalie Kostelni for the Philadelphia Business Journal.

Kairos, along with its partner Artemis Real Estate Partners of Bethesda, Md., purchased the building at 518 Township Line Road in Blue Bell from CW Capital Asset Management. CW Capital is a special servicer that took control of the almost-vacant property after its previous owner had to return it to the lender, along with a portfolio of other properties.

Originally the home of Merck, the building only has two tenants, Skanska USA and Blue Bell Surgery, that currently occupy around a quarter of the space.

The partnership of Kairos and Artemis plans to invest $3 million on renovating the building to make it more attractive for new tenants. This will include adding a cafe, fitness center, and conference center for use by its new and future tenants.

Read more about the purchase in the Philadelphia Business Journal by clicking here.