Rohm and Haas houses its digital imaging manufacturing operations, which supplies inkjet printer technology and products, in four of the six buildings it continues to own. It also continues to own outright and operate its adjacent Croydon and Polymers plants on the site. Terms of the sale transaction, which Philadelphia-based Binswanger negotiated on behalf of Rohm and Hass, are undisclosed.

"The transfer of ownership to Preferred brings property management expertise and creativity to the revitalization of this property for the benefit of the Bristol community and Rohm and Haas," says Tim Montgomery, Rohm and Haas Bristol site manager. "We're committed to making our Bristol site one of the best both within the Rohm and Haas manufacturing network and within our industry."

The five buildings acquired by Preferred aggregate approximately 275,000 sf representing a wide variety of space. Rob Florig, Preferred's marketing director, tells GlobeSt.com it includes about 100,000 sf of office space and a 24,000-sf flex standalone building along with high-end lab space. "The rental rate for high-end lab space," he says, "is between $12 per sf and $20 per sf, triple net." Preferred's planned redevelopment at the campus includes new base building work, tenant improvements and site work, including landscaping, improved access and partial demolition of existing buildings to improve parking capacity. Florig declined to provide an investment cost.

Lease opportunities range from 5,000 sf to 100,000 sf, he says. The centerpiece of the property is Building 155, a 75,000-sf modern research laboratory constructed in 1995. It contains 36 22-by-30-ft mostly wet chemistry laboratories and 127 offices. Recently the Federal Highway Administration approved a plan to create a new interchange between the Pennsylvania Turnpike and Interstate 95.