Completion is scheduled for March 2006. King says the construction cost is $16 million. The rental rate is $25.50 per sf, plus electric.
"There are a lot of build-to-suits under way, but no spec projects," King says. "The market is picking up though, so Acorn is going ahead with construction." This is the fifth building and Acorn's third in the center.
Located at 1150 Northbrook Corporate Center, the property is a quarter-mile from the Route 1 interchange and the Pennsylvania Turnpike, four miles from Interstate 95, accessible from Septa public transportation and in close proximity to the Northeast Airport. It is of glass and brick and will have 25,000-sf floor plates, upscale, class A finishes, and an on-site deli.
The office vacancy rate in Bucks is 12%, "probably 14% if you include sublease space," according to King. One 66,000-sf building that Acorn owns in Northbrook is 95% leased, and its other 96,000-sf Northbrook building is 85% leased, he reports.
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