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MCS Inks $2M Renewal at 1601 Market St.

PHILADELPHIA-The document support company retains its 16,376-sf corporate headquarters and regional office in Transwestern's 36-story, 681,000-sf building.

By Marita Thomas | Updated on May 29, 2007

PHILADELPHIA-The MCS Group has renegotiated and extended its lease for 16,376 sf at 1601 Market St. Thomas Kramer, a principal of locally based Jackson Cross Partners, tells GlobeSt.com the aggregate value of the transaction is in excess of $2 million.

Kramer and Lou Battagliese, a Jackson Cross partner, represented MCS in the transaction. Craig Scheuerle, SVP in the local office of Grubb & Ellis, represented the building owner, Chicago-based Transwestern Investment Co.

Transwestern acquired a majority stake in the building along with 1700 Market St. from Chicago-based Equity Office Properties for $172.2 million in November 2004. It has since renovated the lobby of the 1601 property and upgraded building systems. According to Grubb, which is exclusive agent for the 681,000-sf building, it is now 93% leased.

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