The transaction brings the class A building's occupancy to 95%,says Triple Net Properties president Louis Rogers. Merrill Lynch ispaying about $621,789 in gross annual rent or an estimated $7.46million over the entire 12-year lease, based on the building'squoted rate of $21 to $22 per sf, according to Downtown brokersfamiliar with the property. The tenant is relocating to the 18thfloor from the 11th floor. Other name tenants in the building areSunoco, the Day & Zimmerman law firm and Zurich Insurance.

Triple Net purchased 1818 Market St. for a group oftenant-in-common buyers in February from a partnership thatincluded the Stamford, CT-based Ashforth Co. and GE AssetManagement, as GlobeSt.com previously reported. The $152.8-millionacquisition price equated to $155.44 per sf, a number that is belowtoday's estimated accelerated replacement cost of a minimum $200per sf for a comparable structure, area construction sources tellGlobeSt.com.

In the metro Philadelphia office market, Triple Net also ownsthe Public Ledger Building in the Independence Mall submarket and300 Four Falls, a 298,371-sf class A building that was purchasedfor $191 million in West Conshohocken in 2003.