Several other local firms have also committed to relocating there.
The 20-story building at 1600 Market St. was built in 1964. It was purchased and totally renovated in 2001 by Boston-based Leggat McCall. A spokesman for the local office of New York-based Insignia/ESG tells GlobeSt.com that Four Penn is now more than 50% leased and predicts it will be 70% leased by the end of this year.
The local office of Princeton, NJ-based Hillier architectural firm will design Post & Schell's new offices. In preparation, it constructed a mock office at Four Penn for the lawyers to evaluate.
Terms of the Post & Schell lease are undisclosed. Brokers tell GlobeSt.com that the average asking rental rate for class-A office space west of Market St. is between $22.50 per sf and $22.85 per sf.
Christian Dyer and Joseph Wolff, managing directors of Insignia's Philadelphia office, represented Leggat McCall. Locally-based Tactix Real Estate Advisors represented the tenant.
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