42C — March 29 - April 11, 2019 — The Best of 2018 — M id A tlantic
Real Estate Journal
The Most UNIQUE/SIGNIFICANT OFFICE LEASE of 2018
Keystone Property Group SORA West Conshohocken, PA
ALT Realty 132-142 S. Third St Easton, PA
City Center Investment Corp. Five City Center Allentown, PA
Size: 429,122 SF Brokers: David Binswanger, President & CEO of Binswanger Companies (represented AmerisourceBergen), David Binswanger ( CEO & President of Binswanger Co.- represented AmerisourceBergen) In June 2018, AmerisourceBergen – one of the largest phar- maceutical wholesale distributors in the world, finalized a long-term lease agreement with Keystone Property Group to move its corporate headquarters to the mixed-use SORAWest development in Conshohocken, PA. The company - which recently ranked 12 on the annual Fortune 500 list with more than $150 billion in annual revenue, and employs more than 21,000 workers across 50-plus locations worldwide – will occupy 429,122 s/f of space in a newly built 12-story office tower in SORA West, serving as its sole office tenant. The agreement is among the largest in the Philadelphia market during 2018.
Size: 21,227 SF Brokers: Andrew Randolph, ALT Realty, LLC (Landlord Rep) & Jeff Williams, Cushman &Wakefield (Tenant Rep.) The adaptive re-use of the former Heritage Lanes Bowl- ing Alley in downtown Easton was a significant factor in securing an anchor tenant. The tenant who already had an existing Lehigh Valley base elected to relocate after its prior location was sold. The NYC based publishing firm is set to occupy the entire ground floor later this year, following the addition of a new elevator served second story. The project will feature expansive modifications to the facade, updated underground parking and an outdoor courtyard as some of the planned amenities.
Size: 243,241 SF City Center Investment Corporation (CCIC), the real estate development company revitalizing downtown Allentown, Pennsylvania, announced in 2018 ADP has signed a long- term lease in Five City Center. ADP, one of the world’s largest HR providers with 700,000 clients worldwide, has leased the top 10 of Five City Center’s 13 floors, or 243,241 s/f, for a regional inside sales division – its largest in the world. ADP is headquartered in Roseland, NJ. Five City Center, due for completion in September 2019, will feature an all-glass exterior with a two-story main entrance set back from the street.
The MOST UNIQUE INDUSTRIAL LEASE of 2018
Duke Realty 33 Logistics Center Easton, PA
NAI Emory Hill 100 Lake Dr. Newark, DE
LevinManagement Corporation Rutgers Industrial Center Piscataway, NJ
Size: 103,350 SF Broker: Levin Management Corporation with Chuck Fern of Cushman & Wakefield Shoe wholesaler R&J Warehouse signed a full-building lease at Rutgers Industrial Center, marking the third new lease signing at the 535,000 s/f industrial/warehouse com- plex in 18 months. The space at 140 Circle Dr. North rep- resents an expansion of New York-based R&J Warehouse’s operations and demonstrates sustained demand for quality industrial space in Northern and Central New Jersey. Rut- gers Industrial Center sits in the heart of Middlesex County, easily accessible to I-287 and just five miles from Exit 10 of the New Jersey Tpke. Commuter rail service, Newark Lib- erty International Airport, New York City and New Jersey seaports are all nearby.
Size: 1,015,740 SF Brokers: ( Tenant) Jon Gelman of Gelcor Realty (Landlord) Sean Bleiler & Bill Wolf of CBRE 33 Logistics Center 1620 is a 1,015,740 s/f distribution facility that was speculatively developed following the construction and quick lease-up of Duke Realty’s first two buildings in Easton. The Project was initially toured by UPS while it was under construction. Duke Realty successfully landed the deal because of the building’s location, layout, and Duke Realty’s responsiveness to UPS and its broker. In May 2018, UPS selected 33 Logistics Center 1620 and signed a long-term lease for the entire building within 9 days. The lease was one of the largest industrial deals in the Lehigh Valley in 2018.
Size: 28,050 SF Brokers: Neil Kilian, SIOR, CCIM/Tim Plemmons United Cocoa Processor, Inc., leased 28,050 s/f of industrial space at 100 Lake Dr. in Newark. A manufacturer of cocoa products such as cocoa liquor, cocoa butter, and cocoa pow- ders for sale to confectionery industries domestically and in- ternationally, United Cocoa was founded in 1992 and leased the space to accommodate its expansion. NAI Emory Hill broker Neil Kilian, CCIM, SIOR represented the landlord in the transaction.
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