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NORRISTOWN, PA-Milwaukee-based Rockwell Automation inks a seven-year lease for 15,574 sf in Building B, located at 2650 Eisenhower Blvd. here in Pinebrook Business Center, taking the class A office property to 90% occupancy. The aggregate value of the lease is just under $1.7 million.

Gene McHale, principal of Conshohocken, PA-based Beacon Commercial Real Estate, represented the owner Archon Group LP, which is based in Irving, TX. Dan Dagit, SVP of the area office of CB Richard Ellis, represented Rockwell.

The Rockwell space has a new roof and new HVAC system. The property offers tenants individual entrances and building signage, individually controlled utilities, and access to fiber optics. It is within minutes of Rtes. 422 and 363, the Pennsylvania Turnpike and the Schuylkill Expressway.

McHale says Beacon, which is the exclusive agent for Pinebrook office space, is offering space here for $13 per sf, plus electric, which confirms that this is a tenant’s market. The Pinebrook rate is less than half the average asking rate for class A office space in the Philadelphia suburbs, according to second-quarter data from the Philadelphia office of Grubb & Ellis, which puts that average at $27.07 per sf. The vacancy rate in suburban Philadelphia is 23.9%, according to the G&E report.

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