It is currently 93% leased. Jim Vesey, senior director of the local office of Cushman & Wakefield, tells GlobeSt.com, "pending leases will bring it to 96% occupancy shortly."
Two tenants with AA credit ratings, Children's Hospital of Philadelphia and the University of Pennsylvania, occupy 88% of the space. The Children's Hospital lease runs through 2012, and Penn's lease expires in 2010.
The office vacancy rate in University City is 6%, versus about 15% in Center City, according to Vesey. He confirms published reports that current tenants at 3535 Market pay, on average, between $25 per sf and $26 per sf.
"This is a class-A property, certainly the nicest building in the Science Center, but not up to Center City's few trophy buildings" he says, adding, "effective rental rates at 3535 Market are comparable to current rates at similar properties in Center City.
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