Terms of the lease were not disclosed. According to a fourth-quarter report from the Philadelphia office of Grubb & Ellis, the average asking rental rate for class A office space in this submarket is $27.14 per sf.
Lundbeck is a research-based pharmaceutical company focused on diseases of the central nervous system, including Alzheimer's and Parkinson's. Another division of the company, Lundbeck Research USA Inc., is based in Paramus, NJ.
Brian Smythe of the Philadelphia office of CB Richard Ellis represented Lundbeck in the lease negotiations. John Perkins, senior vice president, and Elaine Battaglia, advisor, in the local Grubb office, represented the building owner, Executive Terrace Investors LP, which is an affiliate of Philadelphia-based BPG Properties Ltd.
Calls to the brokers were not returned by deadline. According to the BPG website, Executive Terrace is 75% leased.
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