by Kevin Tierney, MorethattheCurve http://morethanthecurve.com
The Philadelphia Business Journal published an article yesterday detailing the expansion of Oracle at 5 Tower Bridge in West Conshohocken and how the the landlord of the building had to break a lease to make space. Below are the first couple of paragraphs:
In a sign of how tight the Conshohocken, Pa., office submarket is and how competitive it can be to keep marquee tenants, the landlord of Five Tower Bridge booted one company out to make room for another that was expanding.
Hayden Real Estate Investments broke a 50,000-square-foot lease it had with Keystone Foods so that Oracle Corp. could expand by 35,000 square feet. Oracle already occupies 49,000 square feet at Five Tower at 300 Bar Harbor Drive in West Conshohocken, Pa. It is planning to relocate operations it now maintains at Three Bala Plaza in Bala Cynwyd, Pa. Under a 10-year deal, the company will lease a total of 84,000 square feet and become Five Tower’s biggest tenant.
As we have reported, there are a handful of proposed and/or approved (but not built) office buildings in Conshohocken. We have heard several times a 50,000 square foot tenant is needed to move forward with building one of these buildings. Will Keystone Foods be the anchor tenant for a new office building in Conshy?
www.omegare.com
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