Publisher Signs 93,000 in Leases for $20M

WILMINGTON, DE-Opting to establish its new shared-services center outside the Big Apple, Advance Magazine Publishers Inc. signed-on for over 93,000 sf of office space in two separate long-term deals arranged through Insignia/ESG. The company will use the space to provide services for its finance, information technology and human resources departments. The deals are valued at an aggregate total of $20 million, and provide an option for future expansion.

At Hercules Plaza on 1313 North Market, Advance will occupy nearly 73,000 sf of subleased space. While the financial details of the deal are not available, space in the 20-year-old building leases for about $17-per-sf. The second part of the transaction involves the leasing of 20,600 sf at 1201 North Market, or the Chase Manhattan Centre.