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BOOTHWYN, PA-HPMG, a maker of bulletproof vests for the military, subleased 38,000 sf from Steinbeis Packaging in the 172,500-sf flex office/distribution complex at 1515 Garnet Mine Rd. The agreement is for five years at an aggregate rental in excess of $1.1 million.

In 2002, Steinbeis leased 111,500 sf in the building under a 10-year agreement valued at more than $7 million. The HPMG transaction, combined with a lease for 47,000 sf by Alloy Surfaces earlier this year, takes the complex to 100% occupancy.

Steve Italiano, SVP in the Wayne office of CB Richard Ellis, represented both Steinbeis and HPMG in the sublease negotiations. Italiano also represented the private real estate investment partnership that owns the 84-acre property in the original Steinbeis lease.

With the existing space fully leased, CBRE is now set to offer between 30 and 40 acres for custom construction of up to 300,000 sf of office/industrial structures. Municipal authorities are now reviewing such construction and Italiano says he expects early approval.

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