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DOYLESTOWN, PA-Lantern Hill Office Park, a complex of four 15,000-sf, class A buildings on a 4.5-acre parcel at the intersections of Broad St. and Veterans Lane here, breaks ground next week, beginning with one building. The developer is Horsham, PA-based Granor Price, which developed a similar complex in Horsham and strip-shopping centers in Horsham and Whitehall, PA among other commercial properties in the area.

The first building is expected to reach completion in first-quarter 2005. It is a three-story structure with 5,000-sf floor plates. “The remaining buildings will be constructed as we lease the previous ones,” says Neil Shupak of the Wayne, PA office of GVA Smith Mack, which is the exclusive agent. “We are offering space at $25 per sf, plus utilities and cleaning,” he says, “and we are talking to several companies now about preleasing, however, we have signed no leases at this time.”

Compared with other suburban Philadelphia office markets, the Doylestown area is experiencing significant growth. “During the last 12 months,” Shupak says, “more than 150,000 sf of newly constructed office space has been leased in Doylestown Twp.” Lantern Hill is one of several office parks being built in the area and the only one in the borough, which puts it within walking distance of the Bucks County courthouse, two shopping centers and easy access to the regional rail station.

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