Phil Schenkel, Brandywine's operations VP, said his company is "experiencinga lot of interest" in the remaining 13,800 sf in Building A "as well as theadditional 27,900-sf Building B we plan to construct at this location."
Terms of the PMA lease are undisclosed. The office vacancy rate in theLehigh Valley is 18.7%, according to GlobeSt.com research, and brokers report thatthe average asking rental rate continues to hold at about $18.50 per sf.
The PMA lease comes on the heels of Brandywine's decision to begin a majorcapital improvement at One Windsor Plaza, a 128,000-sf, four-story officebuilding at the entrance to Iron Run. It is 55% occupied and will remain inoperation during the renovations.
Iron Run is a 550-acre development encompassing more than 4.5 million sf ofoffice and industrial space. Brandywine owns and manages more than 1.3million sf and controls more than 65 acres of the land for future development.
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