According to James Meiskin, president of Plymouth Partners, who brokered for City Harvest, the 10,500-sf of expansion "effectively doubled its space under very attractive conditions in a soft market. The 208,000-sf building is owned by Samuel W. Rosenblatt's Pennbus Realties Inc. Daniel Breiman of Olmstead Properties Inc., which also manages the building, represented the owner.
City Harvest is currently in the third year of a 10-year lease on the building's 10,500-sf fourth floor. The new deal extends the terms of the original lease to 21,000 sf through 2013. "City Harvest did the prudent thing by making their expansion decision now and locking in an attractive below market rent," says Meiskin. "This opportunity may only exist for another six months." Financial details of the lease are not being disclosed, but published asking rents at the property are in the neighborhood of $25 per sf.
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