X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-The US Census Bureau has signed a lease for 27,282 sf at 1234 Market St., which is headquarters for the Southeastern Pennsylvania Transit Authority. The lease takes occupancy in the property’s 686,000-sf office component to above 95%.

The agreement has an aggregate value in excess of $2.9 million, according to Thomas Kramer, a principal of locally based Jackson Cross Partners, who negotiated the transaction on behalf of US Equities Realty LLC. In March 2004, Septa, which owns the building, handed the operation, management and leasing contract for it to Chicago-based US Equities Realty. At that time, the building was fully leased with Septa occupying approximately 400,000 sf.

A year ago, when a 38,000-sf vacancy loomed for this January, US Equities enlisted Jackson Cross, an Oncor International affiliate, to fill the space being exited by CananWill Inc., an international insurance broker. Mission accomplished. “With this lease, the building occupancy is just a few percentage points less than 100%,” Kramer says. The local office of Jones Lang LaSalle represented the Census Bureau in the transaction.

The 20-story building was completed in 1973 and contains retail on the lower floors. It offers direct concourse access to the Septa regional rail and subway lines, and there are more than 3,000 parking spaces within one block, Kramer points out.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.