Terms are undisclosed. Area brokers tell GlobeSt.com the average asking rental rate in this area of Chester County is about $26.70 per sf and also say the overall vacancy rate in the county is in excess of 20%, creating downward pressure on lease negotiations.
Michael Gola of Philadelphia-based Colliers Lanard & Axilbund represented Equant, a global supplier of data services, in the transaction. Jake Fruncillo, in-house leasing director of the property, owned by Cranford, NJ-based Mack-Cali Realty Corp.
In a statement, Mack-Cali reports it has leased 123,755 sf in suburbs surrounding Philadelphia during the second quarter. The activity includes 58,000 sf of office space at its Moorestown West Corporate Center in Moorestown, NJ.
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