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Area Owners Lease 55,000 SF in the Suburbs

PHILADELPHIA-Four recent leases totaling 55,000 sf are signed at class-A office buildings in the surrounding suburbs. The tenants represent a mix of expansion, renewal and newcomers at properties owned by King of Prussia, PA-based O'Neill Properties and Cranford, NJ-based Mack-Cali.

By Marita Thomas | Updated on November 14, 2002

PHILADELPHIA-Four separate leasing transactions, totaling in excess of 55,000 sf, help boost occupancy rates at class-A office properties in the surrounding suburbs. Selas Fluid Processing Corp., a subsidiary of Germany-based Linde AG, has renewed 20,624 sf at Five Sentry Parkway East in Plymouth Meeting, PA, taking the 91,600-sf building to 100% occupancy.

Jake Fruncillo, in-house leasing director for the owner, Cranford, NJ-based Mack-Cali Realty Corp., handled the transaction. Terms of the lease are undisclosed. Area brokers tell GlobeSt.com the asking rental rate for class-A office space in Plymouth Meeting is between $22.75 per sf and $23.50 per sf, and that effective rates are approximately 5% less.

Pittsburgh-based Ultrasound Diagnostics Schools has signed a 10-year lease for 16,466 sf at Horizon Corporate Center in Bucks County. The lease is valued at approximately $3.875 million. Rick Widerman of Chicago-based Equis Corp. represented the tenant. The owner is King of Prussia, PA-based O’Neill Properties Group.

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