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Law Firm Takes 72,000 SF in Centre Square

PHILADELPHIA-Dilworth Paxson will take the three top floors of the East Tower at 1500 Market St., leasing up a 20% chunk of space Comcast execs will vacate in 2008.

By Marita Thomas | Updated on March 20, 2007

PHILADELPHIA-The law firm of Dilworth Paxson LLP has signed a 16-year lease for 72,000 sf in the East Tower of Centre Square. Executives of Comcast Corp. currently occupy the space on the three top floors and will vacate on completion of Comcast Center, now under construction at 1600 JFK Blvd.

Comcast now occupies approximately 400,000 sf in the 1.8-million-sf, two-tower Centre Square property, which is located at 1500 Market St. The Dilworth Paxson lease absorbs nearly 20% of that pending vacancy. The aggregate value and rent rate of the new lease are undisclosed. According to a report from the local office of CB Richard Ellis, the average asking rent rate in the Market West submarket closed 2006 at $25.10 per sf.

“The Center City office market is rapidly changing in a positive direction,” Christian Dyer, a first VP in the local CBRE office, tells GlobeSt.com. He, EVP David Jarjisian, and first VP Nick Gersbach, represented the owner, HRPT Properties Trust, in the lease negotiations.

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