MALVERN, PA-Liberty Property Trust has obtained five new and extended leases aggregating 121,099 sf in Great Valley Corporate Center. They take occupancy in the 650-acre's 80 buildings to 94%, according to Jim Mazzarelli, SVP and regional director. Liberty owns approximately 4.5 million sf in the five-million-sf park, which is the locally based REIT's largest suburban asset. It contains a mix of types of buildings.

Mazzarelli represented the owner in all five lease transactions. Without disclosing their aggregate value, he tells GlobeSt.com the average asking rates for Great Valley properties are: between $20 per sf and $23 per sf, plus electric for class A office space; between $18 per sf and $20 per sf, plus electric for class B office space; between $7 per sf and $13 per sf, triple-net for flex buildings; and from $5 per sf to $6 per sf, triple-net in warehouse facilities.

"The western suburban markets here and in Exton are tightening up faster than the eastern suburban markets," Mazzarelli says. "In King of Prussia, it's still tough, but there is some pick-up throughout the suburbs."

Sanofi-Aventis, which already occupied more than 300,000 sf in the park, adds another 48,900 sf of class A office space at One Country View Rd. The Paris-based global pharmaceutical company's in-house corporate real estate department negotiated with Mazzarelli.

Berlin-based technology giant Siemens, a new tenant, takes 35,000 sf at 55 Valley Stream Parkway, a class A office facility. Jack McGowan of Cresa Partners and brokers with the area office of Cushman & Wakefield represented the tenant.

Nilfisk-Advance America, a maker of industrial vacuum systems, which is based here, renews a long-term commitment for 22,500 sf of industrial space at 300 Technology Dr. Puresyn Inc., a biotech firm also based here, renews 13,200 sf of flex space at 87 Great Valley Parkway, and Pennsylvania Biotechnology Assn. relocates from 1,585 sf at 20 Valley Stream Parkway to 3,084 sf at Seven Great Valley Parkway.