Calvanese, George Cauffman, SVP, and Mitch Marcus, VP in the CBRE office, represented Arkema. David Fahey of Binswanger's local office represented Comcast. Terms of the sublease are undisclosed.
The average asking rental rate in Center City class A office properties is $24.94 per sf, according to a second-quarter report from the local office of Grubb & Ellis. On condition of anonymity, a Downtown office broker tells GlobeSt.com that this sublease would likely command "less than the approximately $21-per-sf asking rate on a new lease."
In January, Comcast inked a 15.5-year lease for an initial 534,000 sf, or about 44% of the 1.2-million-sf, 57-story Comcast Tower currently under construction by Malvern-based Liberty Property Trust. During a second-quarter conference call yesterday, Bill Hankowsky, Liberty's CEO, was asked if Comcast had yet exercised its option to take additional floors in Comcast Center. Hankowsky said it had not and that he expected Comcast "to reach some decisions soon."
David Binswanger, president and CEO of Binswanger, represented Comcast in its negations with Liberty. At that time, Binswanger told GlobeSt.com, "It would not surprise me if, before the building is completed, Comcast winds up taking significant additional space," but conceded, "that may not happen."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.