Neil Gallagher of Wayne, PA-based Smith Mack & Co./Oncor International, which is the exclusive leasing agent for the 290,000-sf building, tells GlobeSt.com the aggregate value of the transaction "is roughly $10 million." He also says this is the largest new office lease in the Conshohocken market this year.
Philadelphia-based Berwind Property Group broke ground for the class-AA, seven-story spec building, considered BPG's flagship property, just as the recession began. The property is six weeks away from completion.
"There is nothing like this property in the area," Gallagher says. "It has nine-foot ceilings, and 60% of each story has floor-to-ceiling glass." In addition to a fitness center, landscaped plaza deck, and covered parking garage, it has a system that allows tenants to have complete control of their heating and cooling needs at all times.
Stephen Spaeder, BPG SVP, says Judge had several lower priced alternatives, but chose "the superior quality in the level of finish detail, tenant amenities, ease of access" and other features. The property has 400 feet of frontage along the I-76 Schuylkill Expressway.
Gallagher represented BPG in the transaction. Greg Soffian and Tim Monahan of the local-area office of Julien J. Studley negotiated for the tenant.
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.
