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FRAZER, PA-Morgan Stanley names the Philadelphia-area regional office of CB Richard Ellis exclusive leasing and managing agent for its 442,500-sf, 30-acre industrial property at One Lee Blvd. in Great Valley Corporate Center here. The building is the former warehouse for disposable healthcare products produced by the Kendall Confab Group of Tyco International.

Bill Goodwin, SVP, and Len Redeyoff, first VP of industrial property with CBRE, are marketing the facility internationally. This is the same leasing team that represented Cigna in the lease of the property to Kendall Confab in 1999.

CBRE’s asset services team, led by Lawrence Zipf, managing director, and John Maguire, a senior real estate manager, will manage the facility on behalf of Morgan Stanley. Robert W. Walters, partner and senior managing director of CBRE’s mid-Atlantic region, based in Philadelphia, says the asset services team has been involved with the building since 1999, overseeing more than $3 million in capital improvements and managing the asset with the tenant.

The facility is a masonry panel and steel structure with ceiling heights to 27 feet, 33 tailgate loading docks, and office areas that can be custom-finished. Floor areas can be divided into units of 110,000 sf. The building is suitable for warehousing, bulk distribution and/or a variety of assembly and manufacturing operations and has easy access to Rtes. 202, I-76 and I-276. The asking rental rate is undisclosed, but the first-quarter 2004 average asking rate for industrial properties in this Philadelphia suburb, area brokers tell GlobeSt.com on condition of anonymity, is in the range of $5 to $5.25 per sf.

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