New tenants include Cardworks Servicing, LLC, which signed a lease for the entire 57,511-sf fourth floor and Alcatel-Lucent, which signed a lease for 36,430 sf, the entire available space on the third floor. Combined, these two leases increase occupancy from 63% to 91%. Existing tenants in the building include Marc USA, Wesco, US Bank and Ansoft.
According to Jeremy Kronman, part of the CBRE brokerage team who handled these transactions, the recent leasing activity at Commerce Court is part of a larger trend in the class A office market: significant absorption and leasing velocity. "Options for big blocks of quality class A space in the Downtown area continue to shrink," Kronman says. Rates in the building have risen about 15% since the building traded hands and CB Richard Ellis took over leasing, rising to $22 per sf full service, up from $19 per sf, CB Richard Ellis' Andrew Miller tells GlobeSt.com.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
