This submarket traditionally commands among the highest office rates in the Greater Philadelphia market. But, the overall local office vacancy rate reached 29.1% in the third quarter, according to Grubb & Ellis. That makes this a tenant's market.
Approximately 110,000 sf of the Elm Street building is available. The property was completed in 1999 and is located on a 2.2-acre site in the center of town, a five-minute walk from the Septa commuter rail line. In addition, it has a five-story parking facility with 924 vehicle spaces.
The owner, Philadelphia-based Keating Development, has named Beacon Commercial Real Estate exclusive leasing agent. Gene McHale, Beacon's president, and Tony S. Hayden Sr, chairman, are directing the marketing effort.
According to McHale, available spaces range from a partial floor of 18,000 sf to an area of approximately 56,000 sf that can be divided into units as small as 1,700 sf.
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