(Read more on the industrial market.)
PHILADELPHIA-ThyssenKrupp Safway Inc. has extended its warehouse and office lease at the Airport Business Complex and added 50,000 sf, taking its total occupancy in the center to just above 100,000 sf. The new 10-year commitment has an aggregate value in excess of $4 million.
As GlobeSt.com previously reported, Dublin-based Castleway Properties LLC acquired the 17-building complex for $33 million in October 2006. It is located on 134 acres at 10 Industrial Hwy. and encompasses more than 1.5 million sf. The park was 85% leased at the time of Castleway's acquisition. The ThyssenKrupp expansion and renewal follows a 10-year lease by Concord Steel for 82,783 sf in late December, which took overall occupancy in the park, which is the former Westinghouse Turbine facility, above 90%.
After buying the park, Castleway initiated plans to expand on the property. George Junkerman, the owner's on-site property administrator, tells GlobeSt.com a 20-acre parcel could accommodate development of up to an additional 400,000 sf. The company is opening another entrance gate, he says, and has begun obtaining approvals and assessing opportunities for a build-to-suit or spec development.
Steve Italiano and John Kaczkowka, SVPs in the local office of CB Richard Ellis, represented Castleway in the ThyssenKrup negotiations. Ron Gernay, first VP in CBRE's Detroit office, and Richard Warren, VP in the Wayne office, represented the tenant.
CBRE had negotiated the Waukesha, WI-based company's initial 50,000-sf lease with the park's former owner. The tenant was then called Safway Services Inc. This January it changed its name to reflect its ownership by Dusseldorf, Germany-based ThyssenKrupp AG. ThyssenKrupp Safway sells, rents and provides scaffolding services from more than 80 locations throughout the US and Canada. Italiano says it will use the expanded space to supply regional scaffold services and for administrative support.
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