The 26,174-square-foot property is fully leased by Allegheny Health Network, a subsidiary of Highmark Health Inc. No financial terms of the transaction were released.
Under the terms of the agreement, Realogy will receive $375 million in cash at closing, subject to certain adjustments, and a $25-million deferred payment.
Following the Oct. 31 ceremony, Circle Squared Alternative Investments and the PRC Group broke ground on City Line East, a 198-unit luxury apartment project that will also include 8,564 square feet of retail space.
The funding will allow Channellock to build a 35,000-square-foot addition to the company's existing 64,427-square-foot manufacturing facility in Meadville.
One of the latest tenants at the property is Dunkin', which leased 1,802 square feet in a local relocation of an existing franchise. Bubbakoo Burritos also signed on for 1,695 square feet at the property.
Specifically, Senators Booker and Menendez asked Chao to explain why the Environmental Impact Statement for the Hudson River tunnel project has not been approved by DOT as yet, even though a draft EIS prepared by the Federal Railroad Administration and New Jersey Transit was published in June 2017.
The asking rental rate rose $0.56-per-square-foot to an average of $39.75-per-square-foot from the second quarter. In the past year, MMG Equity notes that the average asking rental rate has risen $4.21-per-square-foot from the $35.54-per-square-foot registered in the third quarter of last year.