The lion's share of space, 65,045 sf, is leased long-term by Warren, NJ-based Chubb & Son, the giant insurance company that will move its local offices from One Liberty Place to Four Penn in March 2003.
Terms of this lease and the others are undisclosed. The average asking rental rate for class-A office space in this Center City submarket is between $22.50 per sf and $22.85 per sf, according to GlobeSt.com research.
Joseph Wolff, managing director of the local office of New York-basedInsignia/ESG represented Chubb in the transaction. Christian Dyer, also a managing director of that office, represented Leggat McCall.
The locally based Center for Applied Research signed a long-term lease for 10,030 sf at Four Penn. The management consulting firm is a spin-off of the University of Pennsylvania's Wharton School of Business and is moving from offices in University City.
Wolff and Dyer of Insignia represented the owner, and locally based Seligsohn Soens Hess represented the tenant.
McCormick & Priore, a locally based law firm, joins the parade to Four Penn with a long-term lease for 10,591 sf. It is relocating from offices at One Penn Square West. Brokers in the local office of Julien J. Studley represented the law firm in the transaction, and Wolff and Dyer represented the owner.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
