Terms of the sublease are undisclosed, but, on condition of anonymity, a source familiar with the transaction tells GlobeSt.com, "while the direct rate for leases in the center are in the $20-per-sf to $21-per-sf range plus electricity, this sublease is probably around $18 per sf." John Morrissey, a partner in locally based Jackson Cross Partners, negotiated the transaction.
"The move to Maschellmac, a class A multi-building office complex, represents a significant upgrade in McKee's headquarters and a major boost to their image," Morrissey says. Plymouth Meeting-based Brandywine Realty Trust owns Maschellmac.
Clyde McKee, president of McKee, says his company "needed flexibility in our real estate lease." As a result of this sublease, he says in a statement, the company "saved time, money and aggravation and have an arrangement that will provide flexibility for our future needs."
© 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.