PHILADELPHIA-Cadient Group, an online pharmaceutical marketing firm, leases 11,000 sf at the newly renovated Lee Park office complex in Conshohocken, PA. Although terms are undisclosed, the average asking rental rate for office space in Conshohocken is about $27 per sf, according to GlobeSt.com research, but overall vacancy exceeds 23% and brokers tell GlobeSt.com actual rents are as much as 10% below that rate.
Conshohocken-based Preferred Real Estate, an affiliate of King of Prussia, PA-based O’Neill Properties, owns the complex. Mike O’Neill and Ken Kearns of Preferred represented the owner, and Reid Blynn of Wayne, PA-based Smith-Mack, represented Cadient.
Cadient’s move follows a management buyout in November under which Cadient executives purchased the company from Qwest Communications International. Bob Weissman, Cadient’s president and chief executive officer, led the buyout, which was backed by Princeton, NJ-based Edison Ventures.
“The relocation to Conshohocken is an important strategic move,” Weissman says in a statement. “(The location) is positioned in the middle of the region’s pharmaceutical industry and is centrally located betweenPhiladelphia and the 202 corridor.”Pharmaceutical Firm Relocates to Conshohocken