With an overall office vacancy rate above 20% in this area, rent structures are described as "aggressive," and discounting of as much as 30% below mid-2002 rental rates is not uncommon, according to brokers familiar with this market. Asking rental rates range between $25.25 per sf and $31 per sf.
Four Falls is a class-AA facility consisting of two six-story buildings connected by an atrium. It is located on a landscaped plaza.
Scott Miller, Joe Conwell and Steve Berliner of the Philadelphia-area office of Insignia/ESG represented Investec in the transaction. Wayne, PA-based Geis Realty represented GCA.
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.
