Morrissey Picks Up 156,000-SF Assignment

PHILADELPHIA-Radnor, PA based St. John’s Holding Co., has named Valley Forge, PA-based Morrissey Partners leasing agent for its 124,000-sf, two-story office building in the 15-acre Valley Forge Corporate Center. The building, located at 1000 Adams Ave., is 84% leased.

Neither the owner, nor the agent, would disclose the rental rates, although, in a statement, John Morrissey mentions “a very attractive rental rate.”

The average asking rental rate on class-A office space in the area is approximately $26 per sf, according to GobeSt.com research, but, with an overall vacancy rate of just over 23%, including sublease space, brokers say owners are cutting deals.

Meanwhile, Morrissey is also the agent for the sublet of a never-occupied 32,000-sf building at 397 Eagleview Blvd., adjacent to the Eagleview Corporate Center in Lionville, PA. It is a class-A property in shell condition.

Drawings for an existing fit-out are available from the unidentified prime tenant for a tenant that requires an early move-in. The space is suitable for a single tenant or a combination of small to mid-size renters, according to Morrissey.

Asking rental rates for class-A offices in the Lionville area of Chester County, west of Valley Forge, also average $26 per sf, according to GlobeSt.com research, and the area currently suffers from the county’s high rate of vacancy.