Terms of the leases were not disclosed. The office vacancy rate in the area is about 14%, including a sublease vacancy rate of about 2.5%, according to GlobeSt.com research. This is having a downward effect on rental rates. The average asking rental rate, according to area brokers, is between $30 per sf and $23 per sf.
Thomas D. Kramer and John Susanin of the Wayne, PA office of Smith Mack/Oncor International represented the owner, Irving, TX-based Archon Group, in all three transactions. H. Reid Blynn Jr. of the same Smith Mack office represented ChemLogix. Scott Gabrielson of Philadelphia-based Binswanger/CBB represented AR Solutions, and Brian Lafond of Plymouth Meeting, PA-based Gola Corporate Services represented Columbia National.
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