C — February 8 - 21, 2013 — Pennsylvania — Mid Atlantic Real Estate Journal
www.marejournal.com
Lehigh Valley, PA
P ennsylvania McGowan of Jones Lang LaSalle reps the landlord Egan & Tertel of NGKF reps Drexel Univ. in 186,000 s/f lease
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HILADELPHIA, PA — In one of the larg- est leases completed in
downtown Philadelphia this past year and the largest expan- sion by any single tenant, New- mark Grubb Knight Frank senior managing directors James Egan and Jeff Tertel represented Drexel University in a 10-year, 186,000 s/f lease at Three Parkway, a 20-story office property located at 1601 Cherry St. The new space will be occupied by Drexel’s College of Nursing and Health Professions and College of Medicine. The transaction represents an expansion for Drexel in Center City Philadelphia. The univer- sity currently occupies 68,000 s/f at Three Parkway as well as space in the nearby build- ings surrounding Hahnemann University Hospital, which makes up Drexel’s Center City Campus. The growth of the university’s programs, in par- ticular the College of Nursing, prompted a search for additional space that would best serve Drexel’s employees, faculty and students. Mr. Egan, who has worked with the university on other transac- tions, said, “Drexel continues to think strategically about its real estate needs today and into the future. With this transaction, they have more than tripled their existing space at Three Parkway, and increased their DILLSBURG, PA —B rixmor Property Group (“Brixmor”) announced a 37,780 s/f lease was executed with Tractor Supply Company at Dillsburg Shopping Center, located south of I-76 (PA Turnpike), on Route 15 in between Ore Bank Road and State Road 4028/West Sid-
• 11,500+ SF commercial bldg. along Rt. 22, adjacent to LV Regional Mall, 2+ acres, large parking lot, 3-phase service, Great Potential. Lease or Sale. All offers considered.
1601 Cherry St.
commitment to Center City.” Located near Logan Circle on Ben Franklin Parkway, Three Parkway provides easy access to public transportation, park- ing and many area amenities as well as other parts of the university. A build-out of the space is already underway, and Drexel plans a phased-in move from now until 2015. Behringer Harvard REIT I, Inc. , the landlord in the transaction, was represented by Drew McGowan of Jones Lang LaSalle . “We are thrilled to be in a position to facilitate Drexel’s growth and presence of their Center City Campus,” stated Deidre Hardister , senior vice president, asset management, Behringer Harvard REIT I, Inc. “This transaction further solidi- fies our commitment to Phila-
delphia.” In addition to Three Parkway, Behringer Harvard REIT I, Inc. also owns 1650Arch Street, United Plaza (30 S. 17th Street) and the Wanamaker Building. n
a section of the Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 • 800-584-1062 fax 781-871-5299 www.marej ournal.com Pennsylvania Real Estate Journal
• 3 acre commercial site w/ public utilities & level topography, near Schoenersville Rd. Exit of Rt. 22 & ABE Regional Airport in Bethlehem. Attractive Ground Lease Terms.
Section Publisher Elaine Fanning efanning@marejournal.com
donsburg Road in Dillsburg, PA. Dave Hanby of Keith Corp ., Charlotte, NC, represented Tractor Supply Company. Brix- mor is the owner of Dillsburg Shopping Center and was represented by Marc New- man and Linda Berger with Brixmor. n Brixmor announces 37,780 s/f lease
• 1 acre development site, public water and sewer, on site parking, close proximity to industrial park and major highways. Lease and Sale Terms Offered.
Section Editor Rachel Rugman editor@marejournal.com
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