This lease takes occupancy in the 35-story, 696,477-sf, class A property at 18 and Arch streets to 100%. Citing a confidentiality agreement, Ken Zirk, senior vice president in the local office of Trammell Crow Co., declined to disclose the value of the lease, but tells GlobeSt.com the asking rent rate is $25 per sf, plus electric.
Zirk and Bill Luff, also a TCC senior vice president, represented Gibbons in the transaction. The owner, Radnor-based Brandywine Realty Trust, was represented in house by Sandy Richardson. Brandywine acquired One and Two Logan Square in late 2004 as part of its $600-million acquisition of the 3.5-million-sf Rubenstein Co. office portfolio. That was prior to completion of Cira Centre, the new office tower near 30 Street Station, and represented Brandywine's first foray into Center City. Two Logan Square was built in 1987.
Gibbons, which is based in Newark, also has offices in Trenton and New York City. Zirk says its acquisition of Hecker Brown and the move to new quarters is a key aspect of its strategic growth plan here and throughout the region.
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