"It was part of PMA Financial's long-term strategy to get into a newer, more technologically-advanced building to be able to keep up with their growth as a company," Brian Whiting, SVP with J.F. McKinney & Associates, tells GlobeSt.com. "This is the best quality office space in the western portion of the East-West corridor. We've been able to draw on users that are looking for higher-technology, environmentally-friendly, LEED-certified green space."
Office occupancy rates have fallen to nearly 80% in the suburbs, including the East-West corridor submarket in which this development is located. PMA Financial's lease brings the building, which was developed on spec in late 2007, to about 50% leased. Other tenants in the 212,000-square-foot, seven-story building include Smith Barney, Amata Office Suites, and Calamos, which operates an office there. Asking lease rates in the building are around $19 per square foot, net, Whiting says.
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