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HRPT Fills Another Chunk of Comcast Space

PHILADELPHIA-Penn Health leases 263,000 sf in Centre Square, joining a law firm lease to fill 70% of the space Comcast will exit for its new home.

By Marita Thomas | Updated on April 23, 2007

PHILADELPHIA-The University of Pennsylvania Health System has signed an 11-year lease for up to 263,000 sf in the west tower of Centre Square. The agreement includes 64,155 sf on the upper mezzanine, 113,472 sf on floors 8 through 11, and a near-term option for 85,530 sf on floors 16 through 18.

It is the largest office lease agreement in Center City this year. The aggregate value is undisclosed. The average asking rent rate for office space in the Market West submarket is $25.10 per sf, according to data from the local office of CB Richard Ellis.

UPHS will begin relocating approximately 850 employees to the new quarters when Comcast Corp. exits for Comcast Center, its new headquarters under construction at 1600 JFK Blvd. Newton, MA-based HRPT Properties Trust owns the two-tower, nearly 1.9-million-sf Centre Square property at 1500 Market St. It will complete a $25-million renovation of the building known for its Claes Oldenburg Clothespin sculpture by year-end.

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