Bresler & Reiner also owns the three other buildings that make up the five-building Northbrook Corporate Center. The other two buildings are small, single-occupancy buildings. The total square footage of the center is approximately 340,000 sf.
The class A space at 1150 Northbrook Dr. was leased for $26 per sf, which is priced at the top of the Northbrook Corporate Center's lease prices. The rental rates start at $21.22 and average lease price is $23.85 per sf. According to GVA Mack Smith's first quarter statistics, the average asking rate in Lower Bucks County was $23.07 per sf. Direct vacancy was at 19.2% and 21.1% vacancy including sublet space.
HCI Direct, the company that signed the lease, is a premier direct marketing company that produces the brands such as Silkies Enriche skin care, Pain Vanish pain relief products, Silkies hosier and Sculpz shapewear.
Acorn Development Corp. directs 1150 Northbrook's management and construction, which was completed in the fall of 2007. HCI Direct will move into the new headquarters in the fall 2008. HCI Direct wanted to move to a class A space in the Bucks County area from their current location in Bensalem. "HCI was in a class B property nearby, and they wanted to upgrade their image. So they came here," Taylor King, the senior director from GVA Mack Smith tells GlobeSt.com. King, the lead broker who represented the owner on the deal, continues, "this is pretty much the only class A building in that area."
There is a 50-person conference room, deli and 1,300 space parking lot in the building. Nearby there is a brand new shopping mall area with a Lowe's and Wal-Mart. "It's a growing area," says King. "It's in a great park setting, but also on two of the major highways." There is easy access to the PA Turnpike/Route 1 interchange along with accessibility to SEPTA bus lines and the R3 regional rail line.
With an entire floor gone, King says he is hopeful that the other three floors will be picked up. "We have a couple strong prospects for one full floor and a couple for about 10,000 sf," says King. "HCI took about a quarter of the building."
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