TeleSpectrum is relocating its headquarters from 443 S. Gulph Rd. in King of Prussia. John Greenwald, a principal of Conshohocken-based Beacon Commercial Real Estate, represented TeleSpectrum, while Wayne-based GVA Smith Mack represented ProQuest. The 180,000-sf building is a class A office structure owned by an entity of Plymouth Meeting-based Brandywine Realty Trust. Other tenants include Nation Wide Provident Mutual Life Insurance, Medaguide, Realen, and Wachovia Securities.
In an unrelated transaction, Northwestern Human Services inked a lease for 8,790 sf at 370 Reed Rd. in Broomall, less than eight miles south of here. The nonprofit counseling company is relocating from its current, smaller headquarters in Lafayette Hill.
A private real estate investment partnership acquired the 70,000-sf Reed Road building in 2003 and made significant capital improvements, including a new roof, HVAC system and upgraded elevator lobbies, restrooms and common areas. Steve Italiano, SVP, and Tom Bailey, first VP in the Wayne office of CB Richard Ellis, represented the owner and were the sole brokers in this negotiation, which is valued in excess of $1 million. Other tenants are Genesis Eldercare and Innovative Merchant Services.
In another unrelated transaction, Jack B. Hoy Inc., a trucking company, expanded and relocated its warehousing and distribution operations from Philadelphia to 12,000 sf of industrial space on Front and Lloyd streets in the Riverbridge Industrial Complex in Chester, about 20 miles south of here. CBRE's Italiano represented the owner. The multi-year agreement is valued in excess of $1.5 million.
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