The Silvers Langsam lease is valued at more than $1 million, according to Thomas Kramer, a principal at locally based Jackson Cross Partners, who represented the firm in the negotiations. Bill Finnegan and Jim Mullarkey in the local office of Wayne-based GVA Smith Mack represented the owner, Crown Properties Inc., which is based in Garden City, NY. Kramer says this lease takes occupancy in the 20-story, 502,531-sf building to 87%.

Meanwhile, London-based Strategic Real Estate Advisors has handed Kramer the leasing assignment for the adjacent Four Penn Center. StratREAL acquired the 20-story, 524,462-sf building from Munich-based KanAm Group for $109 million in April 2006. At that time, the asset was 90% leased.

Kramer says it is now "better than 94% leased, and we have contracts out for another 17,000 sf. We lowered the rent to help finish the building," he tells GlobeSt.com. The new rate is $22.75 per sf, plus electric, "which is a great rate for the quality of the building," he says. According to a fourth-quarter 2006 report from the local office of Grubb & Ellis, the average asking rate for class A office buildings in the West Market area of Center City is $26.65 per sf.