The value of the transaction is in excess of $22 million, Vanessa Mann, marketing associate at locally based Thomas Realty Partners, tells GlobeSt.com. Joe McManus, SVP of Thomas, conducted the search and was Glenmede's exclusive representative in the lease negotiations.
The renewal takes one more major tenant off the list of approximately two dozen big companies in Center City with leases that will expire over the next two to three years.
One Liberty has had its wins and losses in the game of "musical chairs" taking place downtown. Duane Morris L.L.P., which occupies the equivalent of nine floors, recently decided to leave the 61-story tower--Pennsylvania's tallest--for the less rarified United Plaza building at 30 S. 17th St. Chubb Insurance, which occupied about 50,000 sf, also left.
On the plus side, like Glenmede, three additional big tenants will stay. They are the Reed Smith law firm with 110,000 sf, Smith Barney with 50,000 sf, and Merrill Lynch with 25,000 sf.
William Hirschfeld, senior director of the local office of Cushman & Wakefield, is exclusive agent for One Liberty Place. He represents the current building owner, Del Ray Beach, FL-based Sun Belt Management Co., in all lease negotiations.
Malvern, PA-based Liberty Property Trust developed the 1.2-million-sf tower at 1650 Market St. It was completed in 1987 and was the first here to exceed the height of the William Penn statue on City Hall, thus ending a gentleman's agreement that no building should do so.
Glenmede, founded in 1956 by the children of Joseph Pew, founder of Sun Oil, manages $13 billion in investments for the Pew Charitable Trusts, other non-profits, and wealthy individuals. It employs about 250 here.
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