The new tenant is Welch Allyn Protocal Inc., which leased 3,240 sf of office space. The renewal tenants, leasing a combined 13,000 sf, were NW Computer Support Inc., Axcelis Technologies Inc., Sears Home Improvements Inc. and Evans Electric Inc.
Asking lease rates for office space at Scholls Business Center I are about $1 per sf. With vacancy as it is there are significant deals being cut by building owners in order to maintain occupancy. Renewal tenants are being treated to a full tenant-improvement allowance that is normally reserved for new tenants and up to several months of free rent for a longer-term deal is not uncommon.
The owner of Scholls is Principal Capital Management. Insignia/ESG has the leasing and management assignment. Insignia Property Manager Grace McNeilly and Assistant Property Manager Keli Locke handled both sides of all transactions.
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