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Tenant Leases Entire 106,846-SF HP Building

AVONDALE, PA-The 10-year lease at 380 Starr Rd. is worth more than $10 million. When sold in February, it commanded $8.50 per sf, which was higher than other nearby offices.

By Casey Freeman | Updated on April 24, 2008

[IMGCAP(1)]AVONDALE, PA-An undisclosed company signed a 10-year lease worth more than $10 million for the entire 106,846-sf building at 380 Starr Rd. CB Richard Ellis represented both the owner, an entity called 380 Starr Road LP and the unnamed tenant. As GlobeSt.com previously reported, Starr Capital Investments LLC bought the industrial/office flex building in Feb. 2008 for $3.8 million from 41 Properties LLC.

The building was a perfect fit for the tenant that was in the market, CBRE SVP Steve Italiano tells GlobeSt.com “There are no other buildings like it of this size and with these amenities in Southern Chester County.”

[IMGCAP(2)]The two-story class B building has something unique to the area which greatly increased its net price–air conditioning. When sold, the building commanded $8.50 per sf which was considerably higher than offices in surrounding areas.

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