The Corsair Series, named after JP Morgan's private yacht, is being developed by locally based O'Neill Properties. The terms of the MedRisk lease are undisclosed. However, the published rental rate for Corsair I is $26.50 per sf, plus electric, and several incentives, including up to one year's free rent, have been promoted.
Scott Gabrielsen, SVP of Philadelphia-based Binswanger/CBB, represented O'Neill in the transaction. Mark Gola, principal of Plymouth Meeting, PA-based Gola Corporate Real Estate, represented MedRisk. The tenant employs 180 and is growing at a rate of 40% a year, according to Shelley Bryce, MedRisk's CEO. "Our plans call for a doubling of our employee base by year-end 2005," he says, adding, "Corsair I provides us with the prestige and image required to attract top-tier talent, which is key to our future growth."
Calling the lease "one of the largest real estate transactions of 2004," Mike Devine, SVP of sales and marketing for O'Neill, says it "sets the stage for development of Corsair II and III."
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