With an overall office vacancy rate above 20% in this area, rent structures are described as "aggressive," and discounting of as much as 30% below mid-2002 rental rates is not uncommon, according to brokers familiar with this market. Asking rental rates range between $25.25 per sf and $31 per sf.
Four Falls is a class-AA facility consisting of two six-story buildings connected by an atrium. It is located on a landscaped plaza.
Scott Miller, Joe Conwell and Steve Berliner of the Philadelphia-area office of Insignia/ESG represented Investec in the transaction. Wayne, PA-based Geis Realty represented GCA.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
