Terms were not disclosed. John P. Morrissey of Valley Forge, PA-based Morrissey Partners, who represented Facciolo, says in a statement the tenant relocated from King of Prussia, PA and "by moving one interchange west on Route 422," increased the quality of its space at "a more attractive rental rate."
Noting that vacancy has risen above 18% in the Valley Forge/King of Prussia area, brokers tell GlobeSt.com property owners' incentives are proliferating and estimate Republic's lease at between $17 per sf and $18 per sf.
In a separate transaction, Morrissey negotiated an 8,000-sf lease at 1473 Dunwoody Drive in Glenloch Corporate Center in Malvern, PA for Human Management Services. The property is owned by West Chester, PA-based B. G. Balmer & Co., an insurance brokerage firm that occupies half of the building.
Human Management's lease has an aggregate value "in excess of $800,000," according to Morrissey.
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