Thursday, April 7, 2011

GSK renews in King of Prussia, new Razorfish digs

by Natalie Kostelni

"GlaxoSmithKline renewed a huge lease in King of Prussia at the same time it entered into its celebrated deal with Liberty Property Trust to build a new building at the Navy Yard.

The pharmaceutical giant (NYSE:GSK) renewed a lease for 197,000 square feet of office space at 2301 Renaissance Blvd., according to Malvern-based real estate investment trust Liberty (NYSE:LRY).

Liberty also renewed Merion Publications, a health-care magazine publisher, for 76,000 square feet in two buildings at 2900 and 3100 Renaissance Blvd.

In other Liberty deals: Dynamic Solar signed a new lease for 6,745 square feet at 1550 Liberty Ridge Drive in its Chesterbrook Corporate Center in Berwyn, Arris renewed its lease of 4,770 square feet at 650 E. Swedesford Road in Wayne, and Avanceon has signed a new lease for 16,000 square feet at 180 Sheree Blvd. at Stone Ridge Office Park in Exton

The Ayer has sold all of its condominiums. It was in 2005 that Goldenberg Group of Blue Bell and Brown Hill Development of Huntingdon Valley bought the building at 210 W. Washington Square that was the former headquarters for N.W. Ayer, a well-known advertising agency that came up with some memorable slogans. Among them: When it rains, it pours. A diamond is forever. Reach out and touch someone.

At any rate, back in 2007 the development team initiated a $75 million conversion of the former office building into 56 high-end condos ranging from $700,000 to $2 million-plus. In what is clearly a reflection of the state of the residential market, the sale of the final Ayer condo closed in late March, four years after it opened its doors.

Razorfish, an interactive marketing firm, is moving on up to the Wanamaker building at 100 Penn Square East in Center City from 417 N 8th St. The firm signed on to 23,587 square feet at the building and will employ 125 people there. The building is owned by Amerimar Enterprises … NetApp Inc., a storage and data management provider, signed a lease for 5,479 square feet at Valley Forge Office Center off Swedesford Road in Wayne for a new office location and will move into its new space in June. Laser Spine Institute expanded in the building by nearly 2,000 square feet and will now total 11,736 square feet. The two leases bring the six-building, 484,000-square-foot complex up to 85 percent occupied ...

Orbach Group of Englewood Cliffs, N.J., bought Hamilton Court East for $15.5 million. The complex off Exit 6 of the Pennsylvania Turnpike in Bensalem is comprised of 15 buildings with 192 units."

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