CHESTER, PA-As the Buccini/Pollin Group approaches full lease-up of the 400,000-sf former PECO energy generating plant, which it transformed into a class A office building at the Wharf at Rivertown, the group plans further expansion at the 63-acre site on the Delaware River here. Brendan Kelley, in-house leasing manager of the complex, tells the next step of the master plan calls for a 40,000-sf annex next to the existing building.

“We plan to build add another 30,000 sf on top of the existing 10,000-sf historically certified single-story shell next to the PECO building,” he says. “We’re marketing it as a build-to-suit for lease or sale. The ‘as is’ selling price for the shell is $1.5 million,” he says. “A buyer could redevelop and expand it themselves or contract with us to do the work. At today’s prices, the rent rate would be $25 per sf.”

Currently, both properties carry the same 2501 Seaport Dr. address. The larger, completed building, “including contracts out for signature,” Kelley says, is 94% leased at a rental rate of $21.50 per sf.

The newest tenant is Dusseldorf, Germany-based SIG Combibloc Inc., an international provider of packaging solutions. It signed a lease for 11,979 sf for the relocation of its US headquarters from the Midwest. John Morrissey of Philadelphia-based Jackson Cross Partners represented the tenant in the negotiations. Ina Sargen of Wilmington, DE-based Buccini/Pollin represented the owner.

Morrissey says, “the quality of life in the Philadelphia area attracted SIG Combibloc to the new location. It also provides convenient access to national and international transportation.”

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