BPG Development Co. LP, an affiliate of Philadelphia-based Berwind Property Group Ltd., is developing the 62-acre center at the intersection of Route 202 and County Line Road, which now contains a single 50,000-sf building. A BPG spokeswoman tells GlobeSt.com the construction cost of the DaimlerChrysler facility is $15 million, and the long-term lease agreement is valued at $11 million.
Another 50,000-sf spec office building will break ground at the center in the first quarter of 2007. The spokeswoman says the rental rate is $25.50 per sf.
Two additional 50,000-sf pad sites are being offered for lease. In addition, BPG plans to develop 11 one- and two-story office condominiums aggregating more than 150,000 sf to be offered for sale or lease; although no date has yet been set for their groundbreaking. This portion of the center, called New Britain Commons, will contain buildings ranging from 8,000 sf to 11,000 sf, connected by pedestrian walkways and surface parking.
The DaimlerChrysler deal "demonstrates the viability of this corporate park and the desirability of locating in New Britain Township, Bucks County," says Stephen Spaeder, president of BPG Development Co., in a statement. The company is the development arm of BPG Properties Ltd., Berwind's real estate investment manager.
Rick Widerman and Wendy Dobreff of Chicago-based Equis Corp. represented DaimlerChrysler in the negotiations. John Shelly of the Philadelphia office of Trammell Crow Co. represented BPG in the transaction and is the exclusive leasing agent for the full center, which can accommodate up to 465,000 sf of office space.
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