Details of the transaction were not released, but a spokeswoman for GVA Smith Mack says eResearch has signed a long-term lease for the concourse, ninth and 10th floors. Office space in the building is listed at $25.50 per sf. eResearch was represented by Jeff Mack and Bill Finnegan of GVA Smith Mack. Jim Mullarkey of GVA Smith Mack negotiated for the property owner, Santa Ana, CA-based Grubb & Ellis Realty Investors LLC.
The spokeswoman says eResearch chose to move because its rapid expansion created a need for more space. The new space was chosen for 1818's location in center city Philadelphia, near the company's employee base as well as institutions of higher education and local healthcare providers. eResearch provides technology-based products and services that allow for the collection, interpretation and distribution of cardiac safety and clinical data.
The 981,743-sf building, developed in 1971, is 83% leased. A $5-million capital improvement initiative included a $1.5-million redesign and restoration of the two-story lobby, installation of new lighting and signs on the exterior and the addition of new property surveillance and parking automation equipment to the 385-space parking garage.
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