PHILADELPHIA—The Graham Co., an insurance and employee benefits broker, has renewed its 76,812-square-foot lease for another 10 years at the eponymously named Graham Building, 30 S. 15th St., Philadelphia.

The insurance brokerage and consulting firm had several years left on its lease but felt the timing was right to structure this extension early based on the state of the Center City office market, which is experiencing rising rents and a shrinking supply of quality, well-located office space.

Additionally, as part of the agreement, the Graham Co. will receive upfront tenant improvement dollars from the landlord to renovate its space.

"We are thrilled with the outcome of this long-term lease extension," says Ken Ewell, president and COO of the Graham Co. "This gives us the opportunity to immediately redesign, upgrade and modernize our space, while also planning for efficient future growth in our current footprint."

The Graham Company has been the building's anchor-tenant since 1986, and has steadily expanded over the years to its current size, occupying the top eight floors of the building.

"It was a win-win transaction for both parties," says Peter Soens, partner of SSH Real Estate, who represented the Graham Co. "Graham was able to secure its long-term tenancy as the anchor tenant with naming rights and substantial up front tenant improvement dollars, at attractive rental terms. Meanwhile, the landlord was able to stabilize the building for another 10 years with this large, credit tenant lease."

SSH partner Peter Soens served as the broker for Graham while Michael Dolan of Stockton Advisors represented the building owner.