PHILADELPHIA-The Jenkins Law Library inks a renewal for 38,300 sf at 833 Chestnut St., where it has been located since 1984. The lease is described as long-term, and the rental rate is undisclosed. Wayne Fisher, SVP in the local office of Grubb & Ellis, negotiated for the library and says the tenant was able to stay in its “preferred location while being accommodated with aggressive renewal economics.”

Within the renewal agreement, Fisher says, there is “substantial tenant improvement capital for renovations.” The renovations are being done by locally based Ballinger, an architectural firm that specializes in office space design and recently relocated into the building. It is a 12-story, 737,000-sf structure that was built in 1925.

First-quarter 2004 data from the local office of Trammell Crow Co. puts the average asking rental rate for office space in the Market Street East submarket of Center City at $21.04 per sf. However, the consensus among several Center City office brokers, who spoke to on condition of anonymity, is that the rate is probably under $20 per sf.

Fisher negotiated the law library’s initial lease in the building in 1984 when it relocated is headquarters, services, and extensive book collections from the Widener Building at One South Penn Square across from City Hall.

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