Norristown, PA-based PJM's lease is for 46,500 sf, and Cingular, which is based in Atlanta, leases 26,000 sf. PJM is a regional transmission organization that manages the flow of the US electric system in surrounding states. Cingular is one of the largest telecommunication companies in the world with 2003 revenues of $15.4 billion.
The terms of the lease transactions are undisclosed. Published rates for the newly renovated property are $3 per sf, triple net, for warehouse space and $16 per sf for office space, and the latter is negotiable.
Philadelphia-based Flynn Co., exclusive agent for the property, represented Van Buren, the owner. The regional office of CB Richard Ellis represented PJM. Cingular negotiated in house.
The building was completed in 1968, and common areas and entrances were recently renovated. Currently, 55,000 sf of warehouse/manufacturing space and 20,500 sf of furnished office space is available. The building is a mile from the Trooper Rd. interchange of Rte. 422 and within five miles of Rte. 202, I 276 and I 76. It has five loading docks, 30- by 36-foot column spacing, and 14-foot clear ceiling heights.
© 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.