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Insurer Relocates to One Commerce Square

PHILADELPHIA-This summer Pennsylvania Lumbermens Mutual Insurance Co. will leave Curtis Center for 47,753 sf in the 41-story building at 2005 Market St.

By Marita Thomas | Updated on April 05, 2007

PHILADELPHIA-Pennsylvania Lumbermens Mutual Insurance Co. has inked a lease for 47,753 sf at One Commerce Square, the 41-story office building at 2005 Market St. This summer it will relocate its headquarters from Curtis Center in the Independence Mall submarket where it has been a tenant since 1986.

Wayne Fisher and James Egan, SVPs in the local office of Grubb & Ellis, represented the tenant in the lease negotiations. Fisher tells GlobeSt.com the term is for 10 years and the aggregate value of the lease is in excess of $8.5 million. “It’s a combination of a sublease and direct lease,” he says. “We were able to blend sublease rents with landlord rates to create an extremely attractive financial package for Pennsylvania Lumbermens.”

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