Initial Tenant Signs On at Lake Center V

According to C. Craig Guers, SVP and general manager of Opus East's Plymouth Meeting, PA office, the lease carries a five-year term and has an aggregate rental topping $4.2 million. The rent factors out to approximately $25 per sf, and the occupancy involves about two-thirds of the asset's first floor and all of the second floor.

Work on Lake Center V, which is located within Lake Center Executive Park and is costing approximately $15 million to build, began last November when occupancy of its twin Lake Center IV reached the 80% mark. The latter building has since reached the 93%-leased mark, and both buildings were done by Opus East on spec. As reported by GlobeSt.com, Opus East, through its affiliate Lake Center IV LLC, in May sold Lake Center IV for a reported $19.8 million to Triple Net Properties. The latter bought it on behalf of a group of TIC investors.

In the Paychex lease transaction, the tenant was represented by Michael Maroon of Acclaim Realty, Cranford. The owner was represented in-house by William Walters, Opus East's director of development, and by Joseph M. Sklencar St. and David P. Dolan of Grubb & Ellis. The latter pair is marketing the approximately 55,000 sf that remains available in the building.