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Sunrock Expands to 9,755 SF at Four Penn Center

PHILADELPHIA-Locally based Sunrock Capital Corp. moves its Downtown headquarters to 9,755-sf at Four Penn Center next month, doubling its existing space at neighboring Eleven Penn Center. Four Penn, built in 1964, was renovated in 2001 by owner, Boston-based Leggat McCall.

By Marita Thomas | Updated on August 13, 2002

PHILADELPHIA-With a move next month to 9,755-sf at Four Penn Center from its existing headquarters at Eleven Penn Center, locally based Sunrock Capital Corp. doubles the size of its Downtown Philadelphia headquarters. The 20-story Four Penn property at 1600 John F. Kennedy Blvd. was built in 1964 and renovated by current owner, Boston-based Leggat McCall Properties, in 2001.

The lease is described as long-term, but the terms are undisclosed. The average asking rental rate for class-A office space Downtown is between $22.35 per sf and $22.75 per sf, according to GlobeSt.com research. However, the office vacancy rate Downtown jumped four points in the past year, from about 9.5% in first-quarter 2001 to just above 13.7% in this year’s second quarter, prompting negotiations, brokers tell GlobeSt.com.

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