Terms of the lease are undisclosed. The average asking rental rate for class A office space here is $25.52 per sf, according to second-quarter data from the Philadelphia office of Cushman & Wakefield. The same report puts the current vacancy rate in this submarket at 25.2%, however, which makes competition intense and spawns generous incentives, area brokers tell GlobeSt.com.
Andrew Kleeman, VP of asset management for the owner, Philadelphia-based AMC Delancey Group, says the submarket has experienced negative absorption in 10 of 12 quarters. Cedar Run was vacant when Delancey acquired it two years ago from CE Minerals, which had occupied the entire property. Following the acquisition, AMC Delancey renovated and repositioned the facility. The subsequent "leasing activity took place during one of the weakest markets in decades," Kleeman says. Now, just two spaces totaling 4,200 sf remain available.
Kleeman represented the owner in the negotiations in conjunction with outside broker Arthur Weisman of NAI Geis Realty Group Inc. Kim Finnerty and Jeff Barker of C&W represented Phoenix Data.
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