Terms of the lease were not disclosed. According to afourth-quarter report from the Philadelphia office of Grubb &Ellis, the average asking rental rate for class A office space inthis submarket is $27.14 per sf.
Lundbeck is a research-based pharmaceutical company focused ondiseases of the central nervous system, including Alzheimer's andParkinson's. Another division of the company, Lundbeck Research USAInc., is based in Paramus, NJ.
Brian Smythe of the Philadelphia office of CB Richard Ellisrepresented Lundbeck in the lease negotiations. John Perkins,senior vice president, and Elaine Battaglia, advisor, in the localGrubb office, represented the building owner, Executive TerraceInvestors LP, which is an affiliate of Philadelphia-based BPGProperties Ltd.
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