X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-Rockville, MD-based Lockheed Martin has renewed the lease on itscurrent 158,000-sf data and general administration facility at 751 Fifth Ave. in King of Prussia, PA. It is the sole tenant there.

The property owner, Plymouth Meeting, PA-based Brandywine Realty Trust, handled the deal. Terms of the lease were not disclosed, but area brokers tell GlobeSt.com vacancy rates in this area of Montgomery County are among the lowest in the Philadelphia submarkets and hover at about 7%. Asking rental rates are, therefore, among the highest in the area, and the brokers speculate that Lockheed Martin signed for 10 years at a rate of about $25 per sf.

If so, the deal could approach $40 million.

“We are pleased to have renewed such a prestigious tenant,” says David Niles, the Brandywine leasing agent that heads the King of Prussia market, in a statement.

However, a researcher in the Philadelphia office of a major real estate firm tellsGlobeSt.com the King of Prussia vacancy rate is currently high, actually closer to 17%.

Lockheed provides an array of advanced technology systems for government and commercial clients. It has just been awarded an FAA contract to modernize the US air traffic control system. The company had sales of $24 billion in 2001.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.