The select top office lease signed during the second quarter of 2013 in the Philadelphia market was at 1818 Beneficial Bank Place in the Market Street West submarket. Beneficial Mutual Bancorp, Inc. leased 95,764 square feet there.
Public Health Management Corporation leased 89,072 square feet at Centre Square - East Tower in the Market Street West submarket.
Brandywine Realty Trust represented the landlord in a 59,353-square-foot office lease at First Avenue 1040 in the King of Prussia / Wayne submarket.
McKesson Health Solutions leased 56,099 square feet at Valley Forge Square 1 in the King of Prussia / Wayne submarket.
A 54,529-square-foot lease was inked at The Applie Center in Delaware County.
This trend is compared to the U.S. National Office largest lease signings occurring in Q2 2013, which include the 551,454-square-foot renewal deal signed by the Department of Defense at the Zachary Taylor Bldg in the Washington DC market; the 546,604-square-foot lease signed by Conoco Phillips at Energy Center Three in the Houston market; the Transportation Security Administration's 545,747-square-foot renewal deal at Pentagon City in the Washington DC market; and the 522,862-square-foot renewal deal signed by Simpson Thacher & Bartlett LLP at 425 Lexington Ave. in the New York City market.
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Saturday, August 31, 2013
Ethermore 905 LP Acquires a 31,000 SF Building in West Chester
Ethermore 905 LP has purchased a 31,000 SF industrial flex
building located at 905 Fern Hill Road in West Chester.
The sale price of the property was $1,615,000.
The Buyer, Ethermore 905 LP, is a subsidiary of Nathan
Trotter & Co., Inc. a local company which is the largest manufacturer of
tin and tin alloys in the US. Their primary location consists of a 25,000 SF
state of the art manufacturing facility in Coatesville. 905 Fern Hill will serve
as one of their additional off-site facilities which are all located in the
Chester County area.
“905 Fern Hill Road
is an industrial flex warehouse building containing a total of 31,000 SF with
office space of 3,500 SF, 2,000 SF mezzanine area above the office space which
is used primarily for storage and a warehouse of 25,500 SF with 3 loading docks
and 1 drive in door. Built in 1971, the building sits on 2.70 acres and has an
abundant amount of parking along the side and rear of the building.
The property is located within an easy commute of the
Borough of West Chester just off of Paoli Pike and Route 202.
Thursday, August 29, 2013
IMX Medical Pays $2.7M for Paoli Pike Office
IMX Medical Management Services purchased the office building at 1700 Paoli Pike in West Chester, PA from Brandywine Realty Trust for $2.675 million, or about $88 per square foot.
The 30,406-square-foot office building was constructed in 2000, next to Applebrook Golf Club. IMX Medical will be occupying the entire building after relocating from 2 Bala Plaza.
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The 30,406-square-foot office building was constructed in 2000, next to Applebrook Golf Club. IMX Medical will be occupying the entire building after relocating from 2 Bala Plaza.
www.omegare.com
Bridgeport Shopping Center Sells for $7M
Gelcor Realty, Inc. acquired the Bridgeport Shopping Center at 1624 Lincoln Hwy E. in Lancaster, PA from Bridgeport Acquisition LP for $6.99 million, or about $236 per square foot.
The property delivered in 1996 and totals 29,612 square feet. The property was 100 percent occupied at the time of sale.
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The property delivered in 1996 and totals 29,612 square feet. The property was 100 percent occupied at the time of sale.
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Wednesday, August 28, 2013
Monday, August 26, 2013
Whole Foods, Best Western plan gets nod
by Natalie Kostelni-Staff Writer, Philadelphia Business Journal
Philadelphia planners gave a nod to Neal Rodin’s proposed mixed-use development that would include apartments and a new 63,000-square-foot Whole Foods grocery store.
The project at 501 N. 22nd St. in the Art Museum area of Center City would also have 293 apartments and 494 parking spaces in a partially below-grade parking garage, something the Logan Square Neighborhood Association wasn’t too happy about. A restaurant is also part of the plan. The development will replace a Best Western hotel that currently operates on the site.
The developer is seeking several variances including extended curb cuts and ceiling heights on the garage.
The community design review and neighborhood group didn’t think the above grade parking was appropriate, that the project lacked urban space on Pennsylvania Avenue and needed additional pedestrian sidewalk lights. While the developer plans to bring in more lighting, the building complies with many of the suggested recommendations and is consistent with the Parkway Plan.
“We feel the building meets the requirements,” said Jim Voelzke of MC+A Architects of Bethesda, Md., which designed the structure.
The plan will go before zoning board Aug. 28.
Full story: http://tinyurl.com/kdxhfu9
Saturday, August 24, 2013
Zoning board weighing residential tower at 20th and Market
Representatives of Brandywine Realty Trust implored the zoning board on Wednesday to grant two variances and one special exception for their proposed 28-story mixed-use residential tower at 20th and Market streets. The board heard the applicants’ testimony, as well as the objections of some residents of Penn Center House, a residential complex directly north across Commerce Street from the proposed project, but did not announce a decision about the zoning relief. The board members will discuss the case and issue a decision in the next few weeks. To build the project the way it wants, Brandywine needs variances for a curb cut on 20th Street and a small side yard, and a special exception for an above-ground parking garage with 223 parking spaces. Forty-five of those parking spots will be designated for public use, according to Brandywine attorney Carl Primavera, with the rest reserved for the residents of the building. The main tower of the project would be situated on the southern portion of the property, fronting on Market Street, while the garage is pushed toward the back along Commerce Street and the Penn Center House. Residents of that building argued Wednesday that the parking facility should be put underground to avoid blocking their access to light and air. Primavera, along with Seth Shapiro of Barton Partners, said that the project was designed explicitly to minimize the impact on the Penn Center House.
The parking garage would be about 62 feet tall, with another 10-foot "architectural trellis" on top, and screened to obscure the building’s identity as a parking garage. Residents of the lower levels of the adjacent building said that if the parking were put underground, it wouldn’t mess with their light and air. Brandywine representatives said that digging for the parking garage would add seven months to the construction of the building, and require them to install mechanical ventilation systems. Which, they argued, would be just as unsightly above-grade as the garage, plus add noise and fumes to the mix. A representative of the Penn Center House board of directors hedged. The garage, the board recognized, would put some apartments on the lower half of the building in shadow, but the mechanical ventilation system would be more unpleasant for the rest of the building’s occupants--a "hostile street environment," Carl Primavera called it. The board took no official position on the zoning relief, but its representative said he saw the above-ground garage as “the lesser of two evils.” Ed Panek, a representative of Logan Square Neighborhood Association, the local Registered Community Organization, essentially repeated his testimony from Tuesday’s Planning Commission, in which he said the group is not opposed to the zoning relief, and is working on an agreement for traffic control on Commerce Street. Carl Primavera said that while the protestants' arguments were "heartfelt," he feels they ultimately aren't relevant to the zoning issues the board has to consider.
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The parking garage would be about 62 feet tall, with another 10-foot "architectural trellis" on top, and screened to obscure the building’s identity as a parking garage. Residents of the lower levels of the adjacent building said that if the parking were put underground, it wouldn’t mess with their light and air. Brandywine representatives said that digging for the parking garage would add seven months to the construction of the building, and require them to install mechanical ventilation systems. Which, they argued, would be just as unsightly above-grade as the garage, plus add noise and fumes to the mix. A representative of the Penn Center House board of directors hedged. The garage, the board recognized, would put some apartments on the lower half of the building in shadow, but the mechanical ventilation system would be more unpleasant for the rest of the building’s occupants--a "hostile street environment," Carl Primavera called it. The board took no official position on the zoning relief, but its representative said he saw the above-ground garage as “the lesser of two evils.” Ed Panek, a representative of Logan Square Neighborhood Association, the local Registered Community Organization, essentially repeated his testimony from Tuesday’s Planning Commission, in which he said the group is not opposed to the zoning relief, and is working on an agreement for traffic control on Commerce Street. Carl Primavera said that while the protestants' arguments were "heartfelt," he feels they ultimately aren't relevant to the zoning issues the board has to consider.
www.omegare.com
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