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WEST CHESTER, PA-The office of the commissioners of Chester County signs a lease for 21,630 sf in a building about to be constructed here at 121 North Walnut St. Terms of the lease are undisclosed, but a broker familiar with the transaction confirms that the rental rate is between $24.10 per sf and $25.15 per sf, which is within the average range for class-A office space in this suburban Philadelphia community.

“Occupancy rates in the borough are high and asking rental rates are expensive even on less than desirable space,” says John P. Morrissey of King of Prussia, PA-based Morrissey Partners, which negotiated the transaction for the county after a six-month search and analysis of numerous alternatives. “Due to the size of most of the buildings, we found few alternatives in the borough that met all of the country’s requirements. We considered re-adaptive use as well as assembling several properties,” he adds.

The commissioners’ space is in a 60,000-sf, five-story brick building under development by owner Eli Kahn. They expect to move in July 2004, shortly after the building’s scheduled completion.

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