Chicago-based Unitrin's lease takes the 167,748-sf Plymouth Meeting building to 94.7% occupancy. Mark Gola of Gola Corporate Real Estate represented the tenant. Jack Fruncillo, Mack-Cali's in-house director of leasing, negotiated for the owner. Terms of the lease are undisclosed. The average asking rental rate for class A office properties in Plymouth Meeting is $22.14 per sf, according to fourth-quarter data from the local office of Trammell Crow Co.
The GSA lease at 1400 North Providence Road in Rose Tree Center I takes that 100,000-sf building to 94% occupancy. Fruncillo represented Mack-Cali in the transaction. Lease terms are undisclosed. Brokers familiar with the office market in Chester County tell GlobeSt.com the asking average rental rates range from approximately $20 per sf to $23 per sf.
In addition to these two new Pennsylvania tenants, Mack-Cali inked leases for an additional 172,211 sf at four of its properties in Southern NJ during the fourth quarter of 2003.
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