The BioKinetics renewal, which runs to June 2012, is valued at $2.7 million, according to Stephen Perna, SVP of locally based Arden Real Estate Services, an affiliate of the Arden Group, which owns the building. Perna declined to disclose the value or term of the law firm's lease, but tells GlobeSt.com the asking rental rate at the building is $21.50 per sf, plus electric.
Perna represented owner, Arden Seven Penn Partners, in the negotiations with BioKinetics and partnered with Joseph Viturello, an Arden associate, in the law firm's transaction. Matthew Guerrieri of the local office of Grubb & Ellis represented Williams & Connolly, and Joe McManus, SVP of leasing for locally based Thomas Realty Partners, spoke for BioKinetics.
Arden put Seven Penn up for sale in July 2006, as GlobeSt.com reported. It is no longer on the market. Perna says, "after going through the process, we felt it was in our best interest to refinance and hold on." He declined to quantify the amount or the source of the refinancing, which he says it was obtained in November. Seven Penn was built in 1966. Arden acquired it at an undisclosed price in 1996.
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