CA Inc. Leases Two Floors of New Building

The deal was brokered for Opus East by Aubrey Haines and Sab Russo of Mercer Oak Realty, Lawrenceville, NJ, and for CA by Joshua Gleiber and Jon Meisel of Jones Lang LaSalle. Opus East declined to release information on the transaction, including the sf involved, other than to indicate that CA would be consolidating three Princeton-area offices at the site. However, the signing puts the spec building at 55% leased, according to Opus East, which combined with the two-floor occupancy would put the deal in the area of 88,000 sf. Comparable space in the market carries asking prices of $30 to $35 per square foot.

"The fact that this was a spec building and is already 55% pre-leased just two months after breaking ground reinforces the viability of this market," says Craig Guers, SVP and general manager of Opus East in Philadelphia, in a statement.

The complex lies at a recently renovated intersection of I-95 and Route 31. "Our construction of a four-lane connector road to link Route 31 and Lower Ferry Road will be a significant improvement for the area," says Bill Walters, director of real estate for Opus East in Philadelphia. "And with this lease agreement effectively closing out 55% of the first building, we can now turn our attention to the second office building."

As GlobeSt.com reported, Opus East broke ground in October, with the first two buildings slated for completion in the fall. Besides the half-dozen office buildings, the project's overall site plan calls for a hotel/conference center, several restaurants and a bank branch.