Staples has renewed its 25,055-square-foot lease at Northampton Crossings located at 3722-3794 Easton Nazareth Hwy in Easton, PA.
Northampton Crossings is a shopping center anchored by Hobby Lobby, Kohl's, Sam's Club, Walmart and Staples. The highly visible center totals 624,032 square feet and is located at the corner of Route 33.
In a separate deal, Lane Bryant also renewed its lease for 10,064 square feet at the shopping center.
www.omegare.com
Thursday, September 12, 2013
Susquehanna River Basin Commission Acquires New HQ
Susquhanna River Basin Commission purchased the property located at 4423 N Front St in Harrisburg from QBN Development for $9,466,419 or about $315.55 per square foot. The property includes 16,000 square feet of lower level parking.
The class A 30,000 square foot office building just finished construction in June of this year situated on 3.39 acres. The owners have taken occupancy of the LEED certified building and are offering 4,800-square feet available for lease.
www.omegare.com
The class A 30,000 square foot office building just finished construction in June of this year situated on 3.39 acres. The owners have taken occupancy of the LEED certified building and are offering 4,800-square feet available for lease.
www.omegare.com
Wednesday, September 11, 2013
Monday, September 9, 2013
Select Top Five Philadelphia Retail Leases Signed in Q2 2013
The select top retail lease signed during the second quarter of 2013 in the Philadelphia market was at 1026 Market St. in the Market Street East submarket. Jenel Management represented the landlord in a 56,000-square-foot lease deal signed there.
Whole Foods Market leased 47,337 square feet at Ellisburg Circle Shopping Center in the North Camden County submarket. Federal Realty Investment Trust represented the landlord.
Furniture Outlet renewed its 28,596-square-foot lease at 609 Avenue of the States Ave. in Delaware County. Maverick Management represented the landlord.
T & D Power leased 27,000 square feet at 927 N. State St. in the I-81 Corridor submarket. Dagata Ernest & Sherwood Donal represented the landlord.
Gold's Gym leased 19,105 square feet at East Manchester Village Center in York County. Amazing Space Properties represented the landlord.
In the first quarter, ShopRite leased 65,000 square feet at Four Seasons Plaza - Bldg 1 in the South New Castle County submarket. Silicato Development handled the direct deal for the landlord.
This trend is compared to the U.S. National Retail largest lease signings occurring in 2Q 2013, which include the 255,000-square-foot-lease signed by Von Maur at Riverchase Galleria in the Birmingham market; the 200,000-square-foot-deal signed by Dillards at The Shops at Summerlin Centre in the Las Vegas market; and Nordstrom's 138,000-square-foot lease signed at Ridgedale Center in the Minneapolis market.
www.omegare.com
Whole Foods Market leased 47,337 square feet at Ellisburg Circle Shopping Center in the North Camden County submarket. Federal Realty Investment Trust represented the landlord.
Furniture Outlet renewed its 28,596-square-foot lease at 609 Avenue of the States Ave. in Delaware County. Maverick Management represented the landlord.
T & D Power leased 27,000 square feet at 927 N. State St. in the I-81 Corridor submarket. Dagata Ernest & Sherwood Donal represented the landlord.
Gold's Gym leased 19,105 square feet at East Manchester Village Center in York County. Amazing Space Properties represented the landlord.
In the first quarter, ShopRite leased 65,000 square feet at Four Seasons Plaza - Bldg 1 in the South New Castle County submarket. Silicato Development handled the direct deal for the landlord.
This trend is compared to the U.S. National Retail largest lease signings occurring in 2Q 2013, which include the 255,000-square-foot-lease signed by Von Maur at Riverchase Galleria in the Birmingham market; the 200,000-square-foot-deal signed by Dillards at The Shops at Summerlin Centre in the Las Vegas market; and Nordstrom's 138,000-square-foot lease signed at Ridgedale Center in the Minneapolis market.
www.omegare.com
Sunday, September 8, 2013
FMC looks for a new HQ
by Joseph N. DiStefano
There aren't a lot of big employers looking for a new headquarters in Philadelphia. That has made Pierre Brondeau, chief executive of FMC Corp., extra popular among governors, mayors, landlords, and their agents. They are excited - anxious, in Philly's case - by the question of how far Brondeau will be moving the multinational chemical company and hundreds of managers and staff from current digs at 1735 Market St. when the lease runs out. "We will make a decision in September," Brondeau told me. "We have to make a decision by December."
Landlords such as Liberty Property Trust, which built sites for GlaxoSmithKline, Tasty Baking, Urban Outfitters, and Iroko Pharmaceuticals at the old Navy base in South Philadelphia, would have loved to build FMC a tower of its own. Liberty built Comcast Center, the city's tallest building. Brandywine Realty Trust, which owns five of the 10 biggest buildings in Center City, has been scouting for tenants to join the University of Pennsylvania at a proposed new high-rise. Brandywine would be thrilled to accommodate FMC. But FMC is a lean operation, and Brondeau doesn't have an edifice complex. "We do not need a building like Comcast or Glaxo, who occupy their entire buildings," he added. "We are not going to build a building." Still and all, he says it has been surprisingly tough to find big blocks of contiguous office space. Philadelphia missed out on the office-building bubble of the mid-2000s.
FMC plus someone else could fill a tower. As Brondeau put it: "We may move into a building built for multiple tenants, for multiple purposes. We may occupy half the building, or one-third. It's much more flexible to rent floors." In a city where rents have not changed much in 20 years, why not just stretch across several vacant spaces? "I still think it's important for a company our size to have a headquarters that presents who we are and what we do," Brondeau said. "When you want to recruit people from the other end of the world, you want to show you are a company, for real. But it doesn't have to be a huge building." This being Philadelphia, FMC is also being recruited by New Jersey and Delaware.
Just as Philadelphia is trying to lure Subaru of America's headquarters from Cherry Hill, to the consternation of Jersey officials. FMC has operations in all three states. Brondeau talks regularly with Mayor Nutter, whom Brondeau calls "an exceptional guy." "He'll do anything he can to help us stay in Philadelphia," Brondeau added. Gov. Corbett's office has also called to help.
Brondeau is a big Philly fan: "My wife is from Chicago, we spent eight years in Boston, but Philadelphia is special, Philadelphia is cool. People are nicer. Oh, yeah. I worked many places in France, in Asia. I showed my family the world. And they all came back here." Rittenhouse Square or Washington Square on a sunny day with flowering trees and cafés full of friends, it might be Paris, Brondeau likes to say.
But Wilmington's all right, too: "Delaware is a very friendly state for corporations," he said. "And our plant down there in Newark is operating very well." And there's plenty of space vacated by DuPont, Bank of America, and AstraZeneca. "But then, we have to look at our employees in New Jersey and Pennsylvania," Brondeau said. "I don't want to make their lives miserable. Will Delaware create a problem for them?" And Jersey, he included: "We have an R&D center in Ewing, near Trenton. I go there very often. It's a 40-minute drive." Close to Amtrak, Princeton, New York. "These are all natural places for us to be," Brondeau said. Elected officials need jobs, taxes, and some wins. So they're friendly to Pierre Brondeau. He thinks the federal government in Washington might learn from their example. "The mayors, the governors, they all want to work with us. With industry," Brondeau said.
Full story: http://tinyurl.com/pbvqsyu
www.omegare.com
There aren't a lot of big employers looking for a new headquarters in Philadelphia. That has made Pierre Brondeau, chief executive of FMC Corp., extra popular among governors, mayors, landlords, and their agents. They are excited - anxious, in Philly's case - by the question of how far Brondeau will be moving the multinational chemical company and hundreds of managers and staff from current digs at 1735 Market St. when the lease runs out. "We will make a decision in September," Brondeau told me. "We have to make a decision by December."
Landlords such as Liberty Property Trust, which built sites for GlaxoSmithKline, Tasty Baking, Urban Outfitters, and Iroko Pharmaceuticals at the old Navy base in South Philadelphia, would have loved to build FMC a tower of its own. Liberty built Comcast Center, the city's tallest building. Brandywine Realty Trust, which owns five of the 10 biggest buildings in Center City, has been scouting for tenants to join the University of Pennsylvania at a proposed new high-rise. Brandywine would be thrilled to accommodate FMC. But FMC is a lean operation, and Brondeau doesn't have an edifice complex. "We do not need a building like Comcast or Glaxo, who occupy their entire buildings," he added. "We are not going to build a building." Still and all, he says it has been surprisingly tough to find big blocks of contiguous office space. Philadelphia missed out on the office-building bubble of the mid-2000s.
FMC plus someone else could fill a tower. As Brondeau put it: "We may move into a building built for multiple tenants, for multiple purposes. We may occupy half the building, or one-third. It's much more flexible to rent floors." In a city where rents have not changed much in 20 years, why not just stretch across several vacant spaces? "I still think it's important for a company our size to have a headquarters that presents who we are and what we do," Brondeau said. "When you want to recruit people from the other end of the world, you want to show you are a company, for real. But it doesn't have to be a huge building." This being Philadelphia, FMC is also being recruited by New Jersey and Delaware.
Just as Philadelphia is trying to lure Subaru of America's headquarters from Cherry Hill, to the consternation of Jersey officials. FMC has operations in all three states. Brondeau talks regularly with Mayor Nutter, whom Brondeau calls "an exceptional guy." "He'll do anything he can to help us stay in Philadelphia," Brondeau added. Gov. Corbett's office has also called to help.
Brondeau is a big Philly fan: "My wife is from Chicago, we spent eight years in Boston, but Philadelphia is special, Philadelphia is cool. People are nicer. Oh, yeah. I worked many places in France, in Asia. I showed my family the world. And they all came back here." Rittenhouse Square or Washington Square on a sunny day with flowering trees and cafés full of friends, it might be Paris, Brondeau likes to say.
But Wilmington's all right, too: "Delaware is a very friendly state for corporations," he said. "And our plant down there in Newark is operating very well." And there's plenty of space vacated by DuPont, Bank of America, and AstraZeneca. "But then, we have to look at our employees in New Jersey and Pennsylvania," Brondeau said. "I don't want to make their lives miserable. Will Delaware create a problem for them?" And Jersey, he included: "We have an R&D center in Ewing, near Trenton. I go there very often. It's a 40-minute drive." Close to Amtrak, Princeton, New York. "These are all natural places for us to be," Brondeau said. Elected officials need jobs, taxes, and some wins. So they're friendly to Pierre Brondeau. He thinks the federal government in Washington might learn from their example. "The mayors, the governors, they all want to work with us. With industry," Brondeau said.
Full story: http://tinyurl.com/pbvqsyu
www.omegare.com
Thursday, September 5, 2013
Brandywine Acquires One and Two Commerce Square for $331.8 million
Brandywine Realty Trust announced today that it has entered into an agreement with Parkway Properties, Inc. ("Parkway") to acquire two Trophy-class high rise assets located in Philadelphia's CBD, One and Two Commerce Square ("Commerce Square"), based on a $331.8 million valuation, or $175 per square foot. Closing of the acquisition is subject to customary closing conditions and the consummation of the merger between Parkway and Thomas Properties Group, Inc. ("Thomas"). Brandywine currently owns a 25% preferred interest in Commerce Square and will acquire the remaining common ownership interests from Thomas subject to two existing first priority mortgages totaling approximately $238.0 million and will fund the remaining net cash portion totaling $69.0 million from Brandywine's existing cash balances.
Commerce Square consists of two 41-story Trophy-class towers comprising a full city block on Market Street between 20(th) and 21(st) Streets and totals 1,896,142 square feet. The buildings were built in 1987 and 1992 and, through a recent extensive capital redevelopment program, Commerce Square achieved LEED-Silver status. Commerce Square has a central plaza, The Court at Commerce Square, including ground-level retail, restaurant space and a 525-space underground garage. Upon completion of the transaction, Brandywine will assume full management responsibilities, including property management and leasing.
"This transaction enables us to acquire two of Philadelphia's Trophy-class CBD properties at a significant discount to replacement cost," stated Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. "Commerce Square is currently 88% leased providing good current NOI with significant occupancy and rental rate growth opportunities. This transaction is consistent with our stated objective of increasing overall revenue contribution from urban and town center properties. This acquisition is subject to existing secured debt balances and we will continue acceleration of our non-core asset sale program to continue strengthening our balance sheet."
Brandywine has also entered into an agreement with Parkway to acquire Four Points Centre and an adjacent 19-acre land parcel in Austin, Texas for $51.0 million. Four Points Centre is valued at $42.0 million, or $217 per square foot, and is comprised of two three-story buildings located in Austin's Northwest submarket and totals 193,862 square feet. The two LEED-Gold buildings were built in 2008 and are currently 100% leased. The adjacent 19-acre land parcel is valued at $9.0 million, or $18.75 per FAR, and is entitled to build up to 480,000 square feet of office space. The acquisition is subject to a 45-day due diligence period, customary closing conditions and the completion of the merger between Parkway and Thomas.
Subscribe to:
Posts (Atom)
