The BioKinetics renewal, which runs to June 2012, is valued at$2.7 million, according to Stephen Perna, SVP of locally basedArden Real Estate Services, an affiliate of the Arden Group, whichowns the building. Perna declined to disclose the value or term ofthe law firm's lease, but tells GlobeSt.com the asking rental rateat the building is $21.50 per sf, plus electric.

Perna represented owner, Arden Seven Penn Partners, in thenegotiations with BioKinetics and partnered with Joseph Viturello,an Arden associate, in the law firm's transaction. MatthewGuerrieri of the local office of Grubb & Ellis representedWilliams & Connolly, and Joe McManus, SVP of leasing forlocally based Thomas Realty Partners, spoke for BioKinetics.

Arden put Seven Penn up for sale in July 2006, as GlobeSt.comreported. It is no longer on the market. Perna says, "after goingthrough the process, we felt it was in our best interest torefinance and hold on." He declined to quantify the amount or thesource of the refinancing, which he says it was obtained inNovember. Seven Penn was built in 1966. Arden acquired it at anundisclosed price in 1996.