A rising vacancy rate and excess sublease space, however, is said to be exerting downward pressure on rates.
The largest of the new leases is for the 80,000-sf headquarters of Graco, Inc., a division of Freeport, IL-based Newell Rubbermaid. Graco is moving its headquarters from a facility in Elverson, PA to 150 Oaklands Blvd. The property is owned by Exton-based Oaklands Business Parks, which developed the park.
Todd Westby of the Wayne, PA-based office of locally based Smith Mack & Co.,senior broker for the park, and represented the owner.
Hewlett Packard moves its network operations center from Chesterbrook Corporate Center in Wayne, PA to 16,000 sf at 412 Creamery Way. The owner of the property is Plymouth Meeting, PA-based Brandywine Realty Trust, and was represented in-house by Rich McGuckin, director of leasing.
Brandywine purchased the building in March 2001 from Dallas-based Prentiss Property Trust. Westby played a part in the transaction, representing the former owner. Philadelphia-based Equus Realty represented Hewlett Packard.
Daou Systems sets up headquarters in 13,000 sf at 412 Creamery Way. McGuckin represented Brandywine.
Absorption Systems, a locally based biopharmaceutical firm, renews and expands to 20,000 sf at 436 and 440 Creamery Way, which are also owned by Brandywine. Westby represented the tenant, and McGuckin the owner.
Meanwhile a 31,000-sf, single-story office building under construction at Oaklands is scheduled to open by the end of this summer. Plans call for groundbreaking on a 30,000-sf building this fall and a 42,000-sf building in 2003. Oaklands has approvals for an additional 600,000 sf and can accommodate buildings of up to 200,000 sf.
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