PHILADELPHIA-Maritz Inc. has subleased 36,226 sf in Mellon Bank Center from Mellon Bank, which has a master lease on the property that bears its name. Maritz, a St. Louis-based sales and marketing services firm, is relocating from 55,000 sf in the nearby Wanamaker Building.

The term is for eight years, according to Timothy Monahan, corporate managing director, and Patrick McGrath, assistant director in the local office of Studley. They negotiated on behalf of Maritz. Monahan says Maritz wanted “more efficient and profitable class A office space that could also help the company improve its employee recruiting and retention.” Whitney Hunter and David Heally of the local Jones Lang LaSalle office, represented Mellon Bank.

The aggregate value of the agreement is undisclosed. According to a second-quarter Studley report, the average asking rent rate for class A office space in the West Market submarket is $26.77 per sf, while a Cushman & Wakefield report puts the rate at $26.38 per sf, and a Grubb & Ellis report pegs it at $$28.60 per sf.

Newton, MA-based HRPT Properties Trust owns the 53-story, 1.3-million-sf tower, which was built in 1990 and is located at 1735 Market St. Locally based Sunoco relocated its headquarters from Ten Penn Center into 221,000 sf in Mellon Bank Center in summer 2005. Tom Flach of REIT Management & Research LLC, HRPT’s locally based management firm, tells the building is now 96% leased.

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.