The office vacancy rate in the Conshohocken market was in excess of 24% at the end of 2003, according to data from the Philadelphia office of Trammell Crow Co. Terms of New Seasons' lease are undisclosed. Brokers familiar with this market tell GlobeSt.com it is likely the rental rate is well below the average asking rental rate of approximately $30 per sf in this suburban submarket.
J. Anthony Hayden, managing principal, and Gene McHale, principal of locally based Beacon Commercial Real Estate, represented the building owner, Philadelphia-based Keating Development Corp., in the transaction. Mike McShane, first VP of the Philadelphia region of CB Richard Ellis, represented the tenant.
In an unrelated suburban transaction, USA Technologies Inc. signs a three-year renewal for 9,700 sf of office/flex space at 28 Spring Mill Rd. in the Great Valley Corporate Center in Malvern, PA. The company operates its fulfillment center at this location, which is near its corporate headquarters at the Deerfield Corporate Center, also in Malvern.
Taylor Young, VP of Beacon, represented the tenant. Joseph Conwell, first VP of CB Richard Ellis, represented the owner, Pennswood Mill Associates. Terms of the renewal are undisclosed.
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