Gene McHale, a principal of Conshohocken-based Beacon Commercial Real Estate, who brokered the renewal, declined to disclose the aggregate value of the transaction. The average asking rental rate for class A product here is $35.10 per sf, according to fourth-quarter data from the Philadelphia office of Cushman & Wakefield.
"Nevyas made the decision that this location is best for his business," McHale says. It is one of four Nevyas locations in the area. Others are in Center City, northwest Philadelphia and Marlton, NJ. While the owner of the complex is identified as Bala Plaza Inc., Tishman Speyer Properties acquired a majority interest in it in December 2004. Two Bala Plaza was built in 1969 and has received a number of renovations over the years.
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