2Q Avg Philadelphia Commercial Real Estate Rents and Purchase Prices

Philadelphia Avg. Office Rents 2Q 2011

Philadelphia Avg. Office Purchase/sqft 2Q 2011

Philadelphia Avg. Industrial Rents 2Q 2011

Philadelphia Avg Industrial Purchase/sqft 2Q 2011

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Flurry of Deals in Chester County

"The first deal involved the sale of three units at the newly constructed Lincoln Independence Park in West Chester. The 8,100 SF flex / industrial condominium was purchased by 4 Moses Properties, LLC and will be used for office and warehouse space for a locally owned distribution company.

Another recent transaction also included one 2,700 SF unit at Lincoln Independence Park. This space will also be used for office and warehouse space for a local company serving the international electrical generation industry. The Buyer was NWES Holdings, LLC.

The sale of 2329 Yellow Springs Road, Malvern, PA. This historic office building will be used as the future offices of Wharton Business Group, an Exton, PA based financial and business planning firm. The Buyer was 2329 Yellow Springs Road, L.P. and the Seller was Customers Bank."

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25,000 + Square Foot Office Space Expansion for RPS

"The Landlord, Commonwealth Real Estate Investment Trust in the expanded Research Pharmaceutical Services' space at 475 Virginia Drive in Fort Washington, PA.

Research Pharmaceutical Services (RPS) occupies the entire 2nd floor at 475 Virginia Drive which totals 25,517 square feet of office space. RPS moved into the space in December 2010 and due to substantial company growth, they required additional space. At the beginning of May 2011, RPS signed a long-term lease agreement for the entire 3rd floor of the building (25,517 square feet), giving them a total of 51,034 square feet within the Class "A" office building.

This transaction brings the building up to just over 90% occupied."

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Communications Construction Group, LLC Leases 10,060 Square Feet in West Chester

"1060 Andrew Drive in West Chester, PA is 10,060 square feet of office space to Communications Construction Group, LLC.

The aggregate rental of the lease is in excess of $965,000.

Communications Construction Group, LLC., was founded in 1979, and since that time, has become the nation's largest, most respected, and successful full service construction company. They have developed an excellent reputation for designing, building, splicing, and engineering quality coaxial and fiber optic distribution systems.

Situated at the corner of Andrew Drive and Phoenixville Pike right at the entrance of the West Goshen Business Park, this one-story office building contains a total of 43,180 square feet of space featuring a two-story atrium lobby, extensive parking for 195 cars and is adjacent to a bank and day-care center. Other tenants currently occupying the building include Toolbox.com, Stantec Consulting Services, Inc. and Strategic Wealth Management Advisors, LLC."

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Former Trenton Bank Branch Sold

"The sale of 226 South Broad Street to Conrado Poblete was completed. The property is 8,132+ square feet and was formerly operated as a bank branch. The property is a Trenton landmark location at Market and Broad Streets across from the County Court House."

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Drexel University Renews Sublease in Malvern

"Drexel University's Bennett S. LeBow College of Business has renewed their multi-year sublease for their satellite campus for 7,526 square feet of office space on the second floor of Quarry Ridge located at 2 West Liberty Boulevard within the Great Valley Corporate Center.
The sublease contract is with Sanchez Computer Associates, LLC, the original leasee of the space.

Aggregate rental of the long-term agreement exceeds $1,000,000.

The space occupied by the College at 2 West Liberty Boulevard features reflective glass and architectural masonry spandrel construction in a signature building with a spectacular two-story atrium entry foyer. The extensively landscaped building site includes front-door parking with access to multiple entrances.

Great Valley Corporate Center is located at Route 29 and Swedesford Road, within walking distance of the Desmond Hotel/Conference and The Shoppes at Great Valley."

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Winthrop Properties, LLC, acquires 516 Stump Road, Montgomeryville

"Winthrop Properties, LLC, an entity related to Panadyne, Inc., acquired 516 Stump Road, Montgomeryville Industrial Center, Montgomeryville,PA. Winthrop Properties, LLC, purchased the property from CFC Investors, Ltd. The 22,890 square foot one-story building located on 2.48 acres and sold for $1,400,000 or about $62/sqft."

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