Wexford handed leasing in the park, which is master-planned tocontain approximately 13 buildings, to a team from CB RichardEllis, led by Michael Brown, SVP in the Wayne office. Brown tellsGlobeSt.com, "a second building of similar size is being approved,and will break ground as soon as we identify a lead tenant." Othermembers of the leasing team are Nora Brady, Chris Major and StephenGersbach in the Wayne office; Valerie Bowman in CBRE's Philadelphiaoffice, and Kevin Fry in its Harrisburg office.

Brown declined to disclose the value of the leases or the askingrent rate. He says, however, "the market rate in this area for bothone-story and multi-story buildings that contain a mix of officeand lab space is between $27 per sf and $35 per sf, triplenet."

The center, adjacent to Hershey Medical Center, is devoted toproviding start-up companies with laboratories and other servicesto support the development and manufacture of products in thefields of biology, medicine and information technology. It isenvisioned as a biomedical counterpart to North Carolina's ResearchTriangle Park, and, as GlobeSt.com previously reported, received $5million in state funding. The construction cost for the firstbuilding and three-building infrastructure is estimated at nearly$47 million.