Terms of the lease are undisclosed. A broker familiar with the transaction tells GlobeSt.com that the rental rate is "below $20 per sf." In-house representatives Tony Nichols Jr., SVP, and Melissa Meyer represented the building owner, Plymouth Meeting, PA-based Brandywine Realty Trust. Dennis Durkin and Joe Wolff of the Philadelphia regional office of CB Richard Ellis represented the tenant.
Lippincott is a division of Wolters Kluwer Health Inc., a Netherlands-based publishing and information services company. It also has offices in Philadelphia where it has been operated by five generations of the Lippincott family.
Calling this an important lease closing, Nichols says, "the newly renovated building offered Lippincott the ideal solution ... (for) the company's real estate requirements." Lippincott will use the new quarters here for general office purposes.
Brandywine owns, manages or has an ownership interest in 281 office and industrial properties aggregating 20.3 million sf, which makes it among the largest real estate companies in the Mid-Atlantic region.
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