Wednesday, September 15, 2010

12-year lease signed at Philadelphia Navy Yard- Tech Park

"A 12-year lease that was signed will backfill a vacant NASDAQ data center at the Philadelphia Navy Yard.

Philadelphia Technology Park will occupy 4775 League Island Blvd. in South Philadelphia’s Navy Yard Business Center. The sublease value was $11 million.

The 25,700-square-foot data center was built in 2007 by Liberty Property Trust (NYSE: LRY) for the Philadelphia Stock Exchange to lease While the facility was under construction, NASDAQ bought the stock exchange and decided not to occupy the building. The building sits within a Keystone Opportunity Improvement Zone, which gives tenants residing in there significant breaks on local and state taxes. Philadelphia Technology Park, or PTP, is a sister corporation to Baltimore Technology Park."

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