The buildings are currently about 56% occupied. The lease rate for the available space is $17.50 per sf, plus utilities. This is considerably lower than the average asking rental rate in this suburban market, which area brokers tell GlobeSt.com is approximately $24 per sf. Brokers also report significant discounting now.
The renovation included a new roof, HVAC system and installation of a back-up diesel generator. In addition, the two-story facilities include such luxury amenities as vaulted ceilings, skylights, working fireplaces, bathrooms with showers, and a marble lobby. The property includes four, 1,000-sf areas for parking.
Reid Blynn and Peter Strickler of Wayne, PA-based Smith Mack & Co./Oncor International, are marketing the property for both sale and lease.
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