MT. LAUREL, NJ-Harleysville Mutual Insurance Co. has leased 29,641 sf at Executive Park at East Gate, a 114,000-sf office property at 112 W. Park Ave. here. The building is owned by Keystone Property Group's Keystone Property Fund I LP.
The tenant, based in Harleysville, PA, was represented by Jim Sarkinson of CB Richard Ellis, while Anne Klein of Grubb & Ellis represented Keystone. The lease carries a term of five years and nine months and has an aggregate value of approximately $3.6 million, which factors out to just more than $21 per sf.
Harleysville is the second tenant to sign on at the repositioned building. As reported by GlobeSt.com, Comcast IP Services took just more than 44,000 sf a year ago. The latest signing brings the asset to 65% occupancy.
KPG bought the single-story former Sungard Data Systems building in 2005 after that company relocated to expanded facilities in nearby Voorhees. KPG subsequently launched an upgrade that cost a reported $9.2 million to prepare the asset for multi-tenancy.
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