Office

In the firm's fourth quarter 2019 report on the Southern New Jersey and Southeastern Pennsylvania markets, WCRE states that although leasing activity was down overall, vacancy rates remained low and gross leasing absorption was positive.

The financing will facilitate the construction of a 1.2-million-square-foot mixed-use tower, part of a 1.9-million-square-foot development that will feature office, residential condominium and retail space.

The planned complex will total 221,000 square feet and once completed will be the largest building on the campus.

The unidentified company signed a new 29,974 square-foot lease deal at the two-story, 139,750-square-foot asset, which combined with its previous 26,556 square feet of sublease space, brings its presence at the complex to 56,530 square feet.

Meridian acquired the property in August 2017 when the building was 78% occupied, and invested more than $4 million in interior renovations during the past two years to bring occupancy up to nearly 90%.

Plano added the most office space at slightly more than 10.5 million square feet, a 40% increase, while Irving came in second, adding 4.5 million square feet of class-A and B office space across 21 properties.

The financing was originated by Square Mile Capital Management, LLC of New York City for the development of parcels EF and Q1, which will contain lab, office and retail space.

Completed in 2017 as a spec development, the class-A industrial facility located in DuPage County will include more than 330,000 square feet of warehouse space, in addition to 40,000 square feet of temperature-controlled space and 8,500 square feet for corporate offices.