BPG Begins Construction of 105,000-SF Spec Office Facility

The south campus now contains three three-story buildings aggregating 275,000 sf. "We're 100% leased," Stephen M. Spaeder, president of BPG Development, tells GlobeSt.com, "and we see some emerging activity. The economy seems to be recovering and there's been job growth." He adds that the Bucks County properties have appealed to Philadelphia and Princeton (NJ) companies with employees who live in this area.

Spaeder says the hard construction cost of the building is $13 million. "Construction costs are increasing," he adds and estimates, "total project costs will come close to about $200 per sf," which would take the total to the $20-million level. Guidi was general contractor on two of the existing buildings. The architect is Philadelphia-based SPG3.

Aegis Property Group, also based in Philadelphia, is the exclusive leasing agent for the new building, which is expected to be completed in April 2006. "We've been speaking with a couple of potential lead tenants," Spaeder says, "but no space is yet leased." The asking rental rate is $27.50 per sf, plus utilities.

BPG Development is the development arm of Philadelphia-based BPG Properties Ltd., which is the operating affiliate of Berwind Property Group Ltd. BPG Properties and DeLuca Enterprises own the center, which also includes a north campus, containing three office buildings and a 137-room Hampton Inn & Suites Hotel.