The local weekly inks new lease agreements for approximately 9,421 sf in the historically certified, four-story landmark at 123 Chestnut Street. P&A Associates, a local private real estate investment partnership, owns the Corn Exchange Building, which dates back to the early 1800s.
Stephen Perna, a senior VP, and Jeffrey Fischer, a senior associate at locally based Arden Real Estate Services, represented City Paper in the transaction. Terms of the lease are undisclosed. Brokers familiar with the building, on condition of anonymity, estimate that the rental rate is in the area of $20 per sf.
Meanwhile, Inlingua, which provides intercultural communications and translation services, renews for 3,244 sf at 230 South Broad St. The aggregate value of the lease is in excess of $400,000.
The 215,070-sf, 21-story, neoclassic building was designed by Horace Trumbauer and completed in 1922. The owner is AE South Broad Associates, an affiliate of locally based Amerimar Enterprises. Arden's Perna and Fischer represented Inlinqua.
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