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Tenants Extend Leases in Two Center City Landmarks

PHILADELPHIA-City Paper renews for 9,421 sf in P&A Associates' historically certified Corn Exchange Building for an estimated $20 per sf. Inlingua translation service inks a $400,000-contract for 3,244 sf at 230 South Broad.

By Marita Thomas | Updated on September 02, 2003

PHILADELPHIA-Two Center City landmarks secure lease extensions for an aggregate 12,665 sf. City Paper re-ups in the Corn Exchange Building, and Inlingua renews on the seventh floor of 230 South Broad.

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.

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