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PHILADELPHIA-Locally based The Graham Company has renewed its lease and adds 6,049 sf at The Graham Building in Center City, bringing its total office space there to 66,066 sf. It now occupies the top seven floors of the 25-story building, which was completed in 1986.

The property at 30 South 15th St. is also known as One Penn Square West, but is named for its anchor tenant. Terms of the lease are undisclosed. The average asking rental rate for class-A office space downtown is $22.60 per sf, according to GlobeSt.com research, or nearly 12% lower than it was at year-end 2001.

The building owner is Washington, DC-based Multi-Employer Property Trust, an open-end equity real estate fund. William Hirschfeld and Sun Park of the locally based office of Cushman & Wakefield of Pennsylvania are exclusive leasing agents at the building. Salvatore Ambrosio and Douglas Simon of Radnor, PA-based Tactix represented The Graham Co., an insurance brokerage firm that specializes in property and casualty insurance.

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