The largest is a renewal for 33,000 sf by Siemens Medical Solutions Health Services Corp. at 300 Lindenwood Drive at Valleybrooke Corperate Center in Malvern. Jack McGowan of Cresa Partners represented Siemens, and in-house brokers Richard M. McGuckin and Chris Bieberbach represented the owner. Terms are undisclosed, but the average asking rental rate in this submarket is $23.50 per sf, according to GlobeSt.com research.
Viking Electronic Services inked a 14,910-sf lease at 620 Allendale Road in King of Prussia where brokers tell GlobeSt.com the average asking rate is between $24.10 pr sf and $25.75 per sf, although discounting is taking place. Jim Eaton of Geis Realty Group represented the tenant, and Brandywine's David Niles spoke for the owner.
LHK Partners, Inc., signed a new lease for 13,580 sf at 14 Campus Blvd. in Newtown Square. The average asking rental rate in this submarket ranges between $20.35 per sf and $21.40 pr sf, according to brokers familiar with the area. Scott Miller of the regional office of Insignia/ESG represented LHK. McGuckin and Bieberbach negotiated for Brandywine.
The other transactions were for properties in Bensalem, Springhouse, Newtown Square, Exton, Plymouth Meeting, Berwyn, Fort Washington and Blue Bell, PA. The asking rental rate for office space throughout these suburban locations averages $24.50 per sf. Effective rates are, on average, about $5-per-sf lower, according to suburban brokers.
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