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Mid Atlantic Real Estate Journal — Pennsylvania — January 13 - 26, 2012 — 35
E ASTERN PA
XTON, PA — Ches- ter County Pediatrics, P.C., led by Dr. David E Lees & Swope arrange multiple-year lease agreement Swope Lees leases 4,000 s/f office condominium
50,000 s/f expansion & Class A office space Alvin H. Butz, Inc. plans to expand headquarters
Cooper and Brenda Souder, R.N., recently leased 4,000 s/f at the Commons at Oaklands, a new office condominium de- velopment in West Whiteland Township. The Practice has served Chester County fami- lies for over 30 years and has locations in Exton, Avondale, and Parkesburg. “We are extremely excited about our new office space” commented Dr. Cooper. “The space will allow us to serve our clients into the future in a more efficient and improved manner. Chester County Pe- diatrics will complement the well-established medical com- munity within the complex” stated Souder. The property owner, a local, private inves- PHILADELPHIA, PA — Roddy Inc., Industrial and Commercial Realtors, rep- resented an entity related to Spike’s Trophies Limited in the acquisition of the 21,700 s/f modern one story masonry building, situated on approxi- mately 1.79 acres located at 2701 Grant Avenue, Phila- delphia, PA. Robert Olender of Roddy Inc. advised that Spike’s, one of the largest and most experienced manufacturers of Recognition, Promotional Products & Signage nation- ally since 1929 purchased the facility to accommodate the company’s continued growth. Headquartered in Bensa- lem Township, Bucks County, PHILADELPHIA, PA— The Greater Philadelphia office of CBRE, Inc. announced the re- lease of its fourth quarter 2011 MarketView for the region’s industrial and office markets. Overall, both markets are in a pattern for recovery; however, the industrial sector has surged in market activity and new construction. The big story in the Greater Philadelphia industrial market is speculative construction for big box distribution facilities. Developers are looking to capi- talize on the growing demand for Class A warehouse space and the numbers support it with over 2.79M s/f of buildings currently under construction. Absorption in this sector re-
Commons at Oaklands
tor, is delivering the space in “turn-key” condition. The new state-of-the-art of- fice will contain both “sick” and “well” entrances and waiting rooms in addition to multiple private examination rooms and administrative offices. Jim Lees and Chuck Swope
of Swope Lees Commercial Real Estate, LLC of West Ches- ter arranged the multiple-year lease agreement. Swope and Lees have successfully leased in excess of 11,000 s/f of Class “A” office space in the Com- mons at Oaklands in recent transactions. ■
Butz Corporate Center rendering
ALLENTOWN, PA — Alvin H. Butz, Inc. announces plans to expand their corporate headquarters located at 840 Hamilton St. with the pur- chase of the property located adjacent to their property at 824 and 830 Hamilton St. The Butz family purchased the property to the east, and will build a 6-story, 50,000 s/f expansion that will include retail space on the first floor and ClassAoffice space on the other five floors. The building will be designed by Roberson Butz Architects and built by PHILADELPHIA, PA — PernaFrederick, a boutique Philadelphia commercial real estate brokerage firm, an- nounced that Five Below has signed a lease at 1818 Market Street, Philadelphia. A retail chain in a growth mode, Five Below has initially taken 35,500 s/f at 1818 Market, more than doubling its previ- ous office space at 1616 Wal- nut Street, with an option of expanding to a total of 60,000 s/f. “It was a pleasure to rep- resent Five Below in its mar- ket evaluation,” said Steve Perna, founding partner of PernaFrederick. “The move comes as part of the company’s strategic growth plan, and 1818 Market provides many key attributes, including a prominent Center City loca- tion with the potential for expansion.” Five Below is the leading re- tailer of trend-right, extreme- value merchandise to the teen
Alvin H. Butz Inc. The firm intends to break ground by summer 2012 and plans to have space available for lease in early 2013. The establishment of the Neighborhood Improvement Zone (NIZ) by Senator Pat Browne with support of House Representative JenniferMann was crucial to the decision to expand their current head- quarters which is 90% occu- pied. The NIZ will allowAlvin H. Butz, Inc. to offer space for lease at rates that are well below market rates. ■ and pre-teen market. Five Be- low’s dynamic assortment of merchandise offers everything from stylish fashion accesso- ries to the latest DVDs, iPhone accessories and more – all for $1 to $5. Since the company was founded in Philadelphia in 2002, Five Below has grown to approximately 200 locations in 16 states. Construction of the new headquarters is underway, with Five Below scheduled to take occupancy in Janu- ary 2012. James Mullarkey, Esq., a broker with Newmark Knight Frank SmithMack, co- operated with PernaFrederick and represented the Landlord in arranging the lease terms. 1818 Market Street is a 36-story, 981,743 s/f building in the heart of Philadelphia’s West Market Street. Major tenants include Merrill Lynch, TheAmerican College of Radi- ology, eResearch Technology and Philadelphia Magazine, among others. ■
Roddy Inc. represents 21,000 s/f acquisition of modern bldg.
2701 Grant Avenue
PernaFrederick reps Five Below
Pennsylvania, Roddy Inc. is a marketer, manager and de- veloper of industrial and com- mercial real estate through- out Eastern Pennsylvania
and Southern New Jersey. Their clients include regional, national and international companies and financial in- stitutions. ■
mains strong with 1.8M s/f of positive total net absorption in the fourth quarter alone. Total vacancy rates throughout the Greater Philadelphia region ended the fourth quarter at 11.1%, the lowest total vacancy rate since the fourth quarter of 2008. Several transactions signed this quarter over 150K s/f, pointing to signs of con- tinued momentum in 2012 for users with large space require- ments. The office market in the Greater Philadelphia region ended the fourth quarter with negative total net absorption of 293K s/f, in large part due to Sanofi-Aventis U.S. LLC giving back 287K s/f of space in the Suburban Philadel- phia submarket. The office sector did finish 2011 in the black, with a positive 35K s/f of total net absorption due to Downtown Philadelphia and the Lehigh Valley submarkets posting strong absorption fig- ures. The Class AA buildings in the Downtown Philadel- phia submarkets continue to tighten, and rental rates should begin to push into the coming year. Landlords are aggres- sively pursuing large tenants and several large transactions during the quarter reflect this trend. Fourth quarter also showed an uptick of interest in build-to-suit opportunities with the most activity amongst life sciences and pharmaceuticals companies. ■ CBRE Greater Phili finish with 7.7m s/f absorbed
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