OraPharma, a subsidiary of Johnson & Johnson, extends its lease forapproximately 17,600 sf at 730 Louis Drive in Warminster, a one-storyproperty owned by 730 Louis Drive LP, a locally based private real estate investmentpartnership. Matt Federick, VP of locally based Arden Real Estate Services,represented the owner.
Federick tells GlobeSt.com the aggregate value of the lease is in excess of$1 million and that the renewal secures the space into "the later years ofthis decade." OraPharma, which specializes in oral healthcare products, isheadquartered at the Warminster location.
In an unrelated transaction, IDS Scheer, the US subsidiary of Germany-basedIDS Scheer AG, inks a new lease for 8,866 sf at 1055 Westlakes Drive inBerwyn. The 118,487-sf, class-A property in Westlakes Office Park is owned byCranford, NJ-based Mack-Cali Realty Corp.
This lease takes the building to 67.5% occupancy. The terms are undisclosed,however, the average asking rental rate for class-A office space in Berwynis in the range of $24 per sf, according to GlobeSt.com research.
In-house broker Jake Fruncillo represented Mack-Cali in the negotiations.Tom Tadley of Tadley Associates represented the tenant.
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