Malvern-based Liberty charged DeRiemer with marketing the eight-story 252,193-sf building this March after energy supplier PPL Corp. declined to exercise its first right of refusal to buy the property. Liberty developed it as PPL's headquarters at a cost of approximately $60 million and delivered it in July 2003. It was designed by New York-based Robert A.M. Stern Architects and received a LEEDs gold rating from the US Green Building Council.

When the property went to market unpriced, DeRiemer told GlobeSt.com, "it will clearly break a record" for sales in the Lehigh Valley. He speculated that there would be interest from overseas buyers but the most likely prospect would be a domestic buyer. As it turns out, it sold to a combination of both, "a syndicate from different overseas locations with some domestic participants, who want to remain anonymous," he says.

PPL occupies approximately 80% of the space under a lease that extends for another 10 years. Other tenants include Nazareth National Bank, Amazon Café and Johnny Manana's. It is 85% leased, "providing upside potential," DeRiemer says, at a rent rate in the high $20s per sf.