Both buildings are fully leased to Madison, NJ-based Wyeth Pharmaceuticals, which will relocate its Radnor, PA-based headquarters at Providence Center.
John Susanin of Wayne, PA-based Smith Mack ONCOR tells GlobeSt.com the average asking rental rates for class-A office space in the Collegeville area is between $23 per sf and $25 per sf.
BPG also announces plans for an additional 275,000 sf of class-A office space in the center. Meanwhile, Lafayette Hill, PA-based Nolan Group, the developer of the center, completes the new 32,000-sf, two-story One Providence building there.
Wayne, PA-based Smith Mack ONCOR negotiated the Wyeth lease and is the exclusive agent for both the BPG and Nolan Group projects.
An unnamed hotel company is getting set to announce plans for a 150-room hotel with a 220-seat restaurant and approximately 5,000 sf of meeting and banquet facilities at the center, brokers tell GlobeSt.com.
"Not only does the location along the Collegeville interchange of Route 422 provide the superior highway access that corporate tenants want, it also provides tenants with the ability to grow in size within the park," says Stephen Spaeder, senior vice president and project developer for BPG in a statement.
Nolan Group began developing the center in 1988. Other tenants there include Iron Mountain and Jefferson Healthcare. More than two-thirds, 65%, of the 165-acre master-planned office area of the center will be retained as open space.
Collegeville is less than 20 minutes from King of Prussia, Plymouth Meeting,and Malvern.
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