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PHILADELPHIA-Pennsylvania Lumbermens Mutual Insurance Co. has inked a lease for 47,753 sf at One Commerce Square, the 41-story office building at 2005 Market St. This summer it will relocate its headquarters from Curtis Center in the Independence Mall submarket where it has been a tenant since 1986.

Wayne Fisher and James Egan, SVPs in the local office of Grubb & Ellis, represented the tenant in the lease negotiations. Fisher tells GlobeSt.com the term is for 10 years and the aggregate value of the lease is in excess of $8.5 million. “It’s a combination of a sublease and direct lease,” he says. “We were able to blend sublease rents with landlord rates to create an extremely attractive financial package for Pennsylvania Lumbermens.”

The building owner is Thomas Properties Group Inc., which is based in Los Angeles and has an office here. Joseph McManus, SVP of locally based Thomas Realty Partners, represented the owner in the negotiations.

One Commerce Square and its twin, Two Commerce Square, aggregate approximately 1.8 million sf of office space along with ground-floor retail and underground parking. They are joined by a 30,000-sf courtyard and located in the priciest, Market West submarket. “The firm’s executives were looking for a new image,” Egan says. Locally based Hellyer Berman Lewis Inc. is designing the interiors, and Egan says, “Everything in their space will be brand new, including the furniture.”

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