Rorer Asset Management exits space on the 50th floor of One Liberty Place, Center City Philly's tallest tower, for the top floors of 16-story Eight Tower Bridge, which was completed here last year. Rorer will occupy the 16th and part of the 15th floors. Terms of the lease are undisclosed.
Meanwhile, the National Board of Osteopathic Medical Examiners inks a five-year lease for 11,450 sf at 101 West Elm St. here, the 185,774-sf, class A building on 2.2 acres in the center of town. Terms of this lease are also undisclosed, but the building is being marketed at $26 per sf, plus electric, according to Gene McHale, principal at locally based Beacon Commercial Real Estate, which represented the owner in the transaction and is the building's exclusive leasing agent.
The board will operate a new regional testing center for medical students located in the greater Philadelphia area. This is the third significant lease McHale and Tony Hayden, Beacon's managing principal, have negotiated for the property since mid-December. At that time, Sintaks Cannon Business Solutions and American Home Care Supply took an aggregate 36,800 sf.
Conshohocken became the hottest suburban office submarket during the boom times of the early 1990s, just after the Blue Route opened, linking the northeast extension of the Pennsylvania Turnpike and I-95. Now, its office vacancy rate is the highest in the region. The average asking rental rate for class A office space here is $29.30 per sf, according to third-quarter data from the Philadelphia office of Cushman & Wakefield.
© 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.
