Terms of the lease were not disclosed, but described as "long-term" in a statement. Asking rental rates for class A office buildings in the area are approximately $26 per sf, but area brokers tell GlobeSt.com discounting is currently common.
Joseph Wolff, managing director of the Philadelphia office of New York-based Insignia/ESG, says, "the move enables the firm to expand its operations, obtain more favorable lease terms, and it brings the firm closer to the courts, the transit system and the amenities of Center City."
The 38-attorney firm moves its headquarters from Two Logan Square, which is several blocks north and east of the Penn Center property.
Wolff and Dennis Durkin of Insignia/ESG's Philadelphia office represented Kent & McBride in the transaction. The Philadelphia office of Chicago-based Jones Lang LaSalle represented the building owner.
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