Craig Scheuerle, SVP in the local office of Grubb & Ellis, negotiated all three lease renewals on behalf of REIT Management & Research LLC, which is headed here by David Campoli and is the local managing agent for HRPT. Scheuerle tells GlobeSt.com that the aggregate value of the PMA lease renewal is "in excess of $35 million."
The 1.3-million-sf postmodern building was completed in 1990. PMA moved its headquarters from 925 Chestnut Street to Mellon Bank Center in 1994. It occupies floors 27 through 30.
PMA is a publicly traded insurance holding company that includes PMA Re and PMA Insurance Group, which supply specialty risk management products and services nationwide. J. Anthony Hayden Sr., chairman of locally based Beacon Commercial Real Estate, represented PMA in the negotiations.
Renewals by two of the city's prominent law firms for an aggregate of approximately 268,000 sf preceded PMA's renewal at Mellon Bank Center. Ballard, Spahr, Andrews & Ingersoll LLP, which is among the country's 100 largest law firms, occupies about 200,000 sf on the building's top floors. Locally based Dilworth Paxon extended its lease for 68,000 sf. Scheuerle says the property is now 98% occupied.
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