PHILADELPHIA-Three separate, unrelated small-space leases have taken away some of the oversupply of Center City office space. Two are in top-tier West Market properties, a submarket that, at the beginning of this year, contained 4.4 million sf of vacant space, according to a 2005 CBD office market forecast by Jack Soloff, VP of the local office of Grubb & Ellis.

CardioKine inks a five-year lease for 10,313 sf, the entire 15th floor of the Graham Building at One Penn Square West in the Market West submarket. The pharmaceutical company that focuses on heart failure prevention and treatment is relocating and expanding from its current 5,000-sf headquarters in the University Science Center at 3701 Market St.

George Cauffman and Nicholas Gersbach of the local office of CB Richard Ellis represented building owner, Washington, DC-based Multi-Employer Property Trust. H. Hetherington Smith, SVP and branch manager, and Margo Mocarski, an assistant director in the local office of Studley represented the tenant. Terms of the lease are undisclosed. According to a first-quarter 2005 report by CBRE’s office here, the average asking rental rate for Market West space is $24.46 per sf. However, office brokers report that discounting is rampant, often taking rates nearer the $20-per-sf level.

Wilkes and Hughes, a legal services firm, leases 6,275 sf at One Liberty Place, the 61-story Center City trophy tower at 1650 Market St. William Hirschfeld and Sun Park of the local office of Cushman & Wakefield brokered the transaction.

Meanwhile, Roger McManimon and Gilbert Pierce of C&W negotiated a 10,294-sf, 7.5-year lease for Trial Graphix in the Wanamaker Building at 120 S. Penn Center for undisclosed terms. The 15-story landmark is in the East Market submarket, where the rate is lower than for properties west of Broad Street. CBRE data states the average asking rate at $23 per sf. The overall Center City office vacancy rate now hovers at the 16% level.

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