The asking rental rate in both buildings is about $23.50 per sf, Thomas Kramer of locally based Jackson Cross tells GlobeSt.com. In a positive sign of recovery, he says, "office rates, especially for smaller-space tenants, are rising in Philadelphia."
Amerimar acquired the 488,009-sf International Plaza office complex across from Philadelphia International Airport in November 2005 in joint venture with New York City-based Angelo Gordon & Co. for approximately $60 million. Kramer says the new owner has enlisted locally based Hillier Architecture to renovate the exterior, parking lots and signage.
The complex is currently about 85% leased with availabilities ranging from 1,200 sf to 75,000 sf. Among the tenants are AIG Insurance, the Federal Aviation Administration, Hertz, UPS and the Leukemia & Lymphoma Society.
US Equities has a long-term agreement with Septa to handle the operation, management, leasing and marketing of 1234 Market St., but Camille Julmy, vice chairman, says the owner hired Jackson Cross, its local Oncor International affiliate, to secure replacement tenants for the space being vacated by Cananwill Inc., an international insurance broker. Julmy also says Kramer at Jackson Cross will "also help us renew and expand existing tenants in the building."
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