Rental rate and aggregate value of the agreement are undisclosed. The average asking office rental rate in the CBD is $20.87 per sf, according to second-quarter data from the local office of CB Richard Ellis.
The 12-story, class A building occupies the entire block at 1300 Market St. It has an aggregate of 1.4 million sf, with approximately 400,000 sf occupied by Lord & Taylor. This lease takes occupancy to 86%, Lis Wigmore, COO of Toronto based IPC US REIT, tells GlobeSt.com. The REIT manages and has a 60% ownership in the building, while locally based Amerimar holds the minority ownership stake.
Stephen Gleason of Amerimar and Sid Smith and Tom Kramer of GVA Smith Mack represented the owner. David Ricci and Michael Gallagher of the Flynn Co., also locally based, represented Children's Hospital. This marks the 150-year-old institution's first move into the CBD.
This lease follows a 94,350-sf renewal by HUD in the building under a 10-year lease negotiated in June. This April, American Business Financial Services Inc. exited 234,000 sf in the building after it filed for chapter 11 bankruptcy protection.
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