The 21-story, Art Deco building in the Rittenhouse Square area,was completed in 1929 and has landmark status. The average askingrental rate on a new lease in non-trophy, class-A properties nowranges between as low as $19.19 per sf in buildings on Walnut andChestnut streets and approximately $26 per sf throughout the entirewest of Broad Street submarket, according to third-quarter datafrom two locally based brokerage firms.

However, transactions are closing at significantly lower rates,according to third-quarter research from the Cushman &Wakefield office here. With tenant improvement dollars, the typicaldeal on a new 10-year lease for a full floor in a class A building,"will typically close at an average effective rental rates in thelow $20s per sf," according to the C&W report.

Sid Smith of the local office of Wayne, PA-based GVA Smith Mackis marketing the sublease.