Search
 

Regus Inks $8M Lease at One Liberty Place

PHILADELPHIA-The UK-based outsource workplace provider expands in Center City with a 12-year, six-month lease for 24,697 sf in the 61-story trophy at 1650 Market St.

By Marita Thomas | Updated on August 17, 2006

PHILADELPHIA-Regus, a provider of outsourced workspace, signed a lease for 24,697 sf on the 36th floor of One Liberty Place, the 61-story trophy tower at 1650 Market St. The term is for 12 years and six months, and the aggregate value is approximately $8 million.

This represents an expansion in Center City for UK-based Regus, which already has offices at 1500 Market St., where it occupies about 22,000 sf, Adriano Calvanese, senior associate in the local office of CB Richard Ellis, tells GlobeSt.com. “This means the company is more than doubling its space here, and it also suggests further positive absorption to the Philadelphia CBD, because Regus is catering to more clients looking for immediate and temporary space downtown.”

Calvanese and George Cauffman, CBRE SVP, represented Regus in the transaction. Bill Hirschfeld, senior director, and Sun Park, associate in the local office of Cushman & Wakefield, represented the building owner, identified only as Philadelphia Liberty Place LP.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.