BSC Services, a service provider for Republic First Bank and First Bank of Delaware, will move its headquarters to 1601 Chestnut St. and vacate 36,000 sf at 1608 Walnut St. in the third quarter. "BSC was seeking to significantly upgrade its headquarters space and obtain essential flexibility for its growing operation," says Greg Soffian, corporate managing director of the local office of Studley. He and Matt Sall, senior managing director in the same office, represent BSC in all of its real estate transactions. Joseph Wolff and Mitch Marcus of the local office of CB Richard Ellis, represent the building owner, Miami-based Americas Capital Partners.

"Two Liberty posed an opportunity to upgrade in the city," Soffian tells GlobeSt.com. "We were able to secure a long-term lease without significantly increasing the company's real estate expenses." He acknowledges that "the lease term seems odd," but says "it's because of the amount of capital and free rent the owner provided to obtain a long-term quality tenant." Neither he nor CBRE would disclose the value of the incentives, lease or rental rate.

On condition of anonymity, a broker familiar with Downtown office transactions tells GlobeSt.com the aggregate value "is probably in the range of $13 million." The broker adds "effective rates in Downtown trophies are now in the low $20s per sf," a figure that matches the rates quoted for General Reinsurance Group's sublease in Bell Atlantic Tower at 1717 Arch St.