Kirk Miller, Steve Cooper, Jeff Williams and Gerry Blinesbury of the Philadelphia office of Cushman & Wakefield represented the tenant in negotiations with the local investor that owns the building. "We were able to obtain a good renewal rate with generous tenant improvements, which prompted the company to stay in place." Citing a confidentiality agreement," Williams tells GlobeSt.com. He declined to disclose the rate and terms of the lease, but says the rental is "market rate."
The average asking rental rate for office space in the Lehigh Valley submarket ranges from $17.50 per sf to $19.50 per sf at class A properties and from $14 per sf to $17 per sf for class B space, according to a 2005 report from the Philadelphia office of Colliers Lanard & Axilbund. Williams describes the Sodexho building as "vintage 1980s construction," saying it's between class B and A.
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