Tuesday, September 7, 2010

Quest Diagnostics inks a 12 yr, 136,900 square feet deal

"Quest Diagnostics finalized a 12-year lease on 136,900 square feet at 1001 Adams Ave. in the Valley Forge Corporate Center in Lower Providence. The company is relocating from a nearby building.

The lease marks one of the largest suburban deals to be completed this year in an otherwise dreary time for commercial real estate. Some other large deals in Philadelphia's western suburbs include Publicis Group, GSI Commerce and Navteq Corp.

The office property is owned by Delaware Valley Real Estate Investment Fund, a collection of local union-backed pension funds from the construction trades. The building was originally constructed as a build-to-suit for Lockheed Martin's global telecommunications division."

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