The property owner, Plymouth Meeting, PA-based Brandywine Realty Trust, handled the deal. Terms of the lease were not disclosed, but area brokers tell GlobeSt.com vacancy rates in this area of Montgomery County are among the lowest in the Philadelphia submarkets and hover at about 7%. Asking rental rates are, therefore, among the highest in the area, and the brokers speculate that Lockheed Martin signed for 10 years at a rate of about $25 per sf.
If so, the deal could approach $40 million.
"We are pleased to have renewed such a prestigious tenant," says David Niles, the Brandywine leasing agent that heads the King of Prussia market, in a statement.
However, a researcher in the Philadelphia office of a major real estate firm tellsGlobeSt.com the King of Prussia vacancy rate is currently high, actually closer to 17%.
Lockheed provides an array of advanced technology systems for government and commercial clients. It has just been awarded an FAA contract to modernize the US air traffic control system. The company had sales of $24 billion in 2001.
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