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NY Owner to Net Lease 600,000 SF of Downtown Philly Office Space

PHILADELPHIA-Three prominent Downtown buildings, owned by a New York investment firm, are to be net leased by a New York-based real estate advisory firm.

By Glen Thompson | Updated on October 15, 2001

PHILADELPHIA-The New York-based owner of three Downtown buildings is looking for net lease deals on 600,000 sf of prime office space. The investment firm’s new broker says the buildings are currently leased far below market rates and most of the space will roll over within a few years.

Central business district properties the Architects Building, Lafayette Building and Lewis Tower are all owned by the same undisclosed New York-based investment firm, according to Ruth Barone, a senior vice president at Carlton Advisory Services, the real estate advisory firm charged with net leasing the properties. Barone is marketing the properties along with Carlton chairman Howard Michaels Michael Butz, also a senior vice president at the firm.

According to Michaels, the properties’ current tenants are holding leases “30% below market, and 50% to 70% of the leases in all of the buildings will roll over in three to four years,” making a net-lease deal an attractive investment for a long-term investor willing to ride out the current economic mudslide.

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