Commercial Office Properties by Mid Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 25 - March 10, 2011 — Section D

Mid Atlantic R

EAL

ESTATE JOURNAL’S ANNUAL

COMMERCIAL OFFICE Spotlight

INSIDE GERBER/SOMMA ASSOCIATES ........................................ 2D BILL DURSO, NUTRISYSTEM, INC. AND JAKE TERKANIAN, CBRE .................................... 3D MARC SCHWARTZ, MARC REALTY ................................. 4D NAI GLOBAL SPOTLIGHT .......................................5-16D BRYAN COLE, NAI KEYSTONE ................................. 6D TRIPP WAY, NAI EMORY HILL ................................ 8D NAI SUMMIT ......................................................... 9D GREGORY HM BROUJOS, NAI PITTSBURGH ............ 10D BILL GLADSTONE, SIOR, CCIM, BILL GLADSTONE GROUP OF NAI CIR ................... 11D W. JOSHUA LEVERING, NAI JAMES E. HANSON ....... 12D NAI DILEO-BRAM & CO. .................................... 13D JOHN THIRY, NAI COMMERCIAL PARTNERS ............. 14D NAI GEIS REALTY GROUP..................................... 15D NAI FENNELLY..................................................... 16D 2010 COMMERCIAL OFFICE SALES AND LEASES ......17- 20D

D Inside Cover — February 25 - March 10, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

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FREE WEBINAR: What You Need To Know About Underwriting and Valuing Multi-Tenant Of¿ce Buildings in the Post Credit Crisis Environment Tuesday March 8, 2011 2:00-2:45 p.m. EST, 1:00-1:45 p.m. CST, 12:00-12:45 p.m. MST, 11:00-11:45 a.m. PST • According to a recent article published in the Wall Street Journal on line, “The amount of occupied of¿ce space increased for the ¿rst time in three years during the fourth quarter of 2010”. • According to property research ¿rm REIS, Inc: “Average of¿ce rents rose by 0.2% to $22.09 per square foot, registering the ¿rst uptick since the second quarter of 2008” (but below pre-2008 rates). • While the national average vacancy rate is about 17.6% it appears to be on the precipice of decline. • Additional studies by national and local ¿rms have stated that the of¿ce market has “bottomed out” and that occupancy and rents will start to rise during 2011. • No signi¿cant new of¿ce building construction has occurred in the last two plus years. • There is a pressing need to supply the numerous re¿nancing opportunities that will arise this and next year. • Special Servicers are trying to unload numerous portfolios of of¿ce backed CMBS mortgages. • Many of¿ce properties with signi¿cant vacancies, above market rents and/or substantial amounts of deferred maintenance are also being offered for sale. Those facts have created an increased interest in ¿nancing and acquiring multi-tenant of¿ce buildings. Accordingly, if you are a mortgage lender, purchaser, investor, appraiser or broker you should forget how you underwrote or analyzed of¿ce buildings prior to the summer of 2007 and the “credit crisis”. In 2011 and beyond, knowing how to analyze of¿ce property using current underwriting and analysis standards is critical if you want to avoid over valuing and to reduce the future potential of having to incur unanticipated and signi¿cant additional capital investment or losses. This webinar, while not all encompassing, is a synopsis of the current items that all mortgage loan underwriters, purchasers, investors, appraisers and other analysts should be thinking about, investigating and addressing in their “how to” approach to underwriting and valuing a multi-tenant of¿ce building asset in the post credit crisis environment. Join ¿nancing and valuing expert Bruce Coin, in partnership with Coin Harlan Consulting, (www.coinharlan.com), a learning solutions company, for an educational, engaging and thought provoking 45 minute webinar to hear him share his explanation, views and opinions and answer questions about how to currently underwrite and value multi-tenant of¿ce buildings for purchase or mortgage ¿nancing purposes. Bruce Coin has over 40 years of full time experience in the inter-related disciplines of income property ¿nancing, appraising, development and industry education. He is a former co-founder and CEO of Pro-gressive Mortgage Corp. a 35 year old commercial mortgage banking, brokerage, consulting, appraisal and insurance company correspondent ¿rm. He is currently CEO of Bruce Coin Consulting, Inc., a subject matter expert for Coin Harlan Consulting and an acknowledged income property ¿nancing and appraisal expert. Technical and webinar support is being provided by Shailee Dave of Rii Solutions (Hello@riisolutions.com).

To sign up for the webinar go to:

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Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 25 - March 10, 2011 — 1D

COMMERCIAL OFFICE PROPERTIES SPOTLIGHT

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2D â&#x20AC;&#x201D; February 25 - March 10, 2011 â&#x20AC;&#x201D; Commercial Office Properties Spotlight â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

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COMMERCIAL OFFICE PROPERTIES SPOTLIGHT On the Bergen/Hudson County, New Jersey borderline

Gerber/Somma Associates announces the sale of Grand Terrace Apartments totalling $3 million

n what was reported to be one of Rutherfordâ&#x20AC;&#x2122;s higher-priced apartment deals in recent years, the Hackensack-based investment property brokerage firm of Gerber/Somma Associates reported the $3 million sale of the newly- named Grand Terrace Apartments. Covering an entire treelined block front on Union Avenue and ideally situated in a dynamic location on the geographic fringe of the Bergen/ Hudson County borderline, the two-story rental property has long been considered a

modern landmark. Built in 1947, the tri-building development is striking in appearance and boasts an attractive assortment of one-and-two bedroom suites. Amenities include laundry facilities,

outstanding landscaping and on-site parking. Legal details for the purchase was handled by Paul Stein, Esq. while the seller was counseled by attorney Gerald Friend. â&#x2013;

Blue & Obrecht Realty negotiates office leases totaling 10,948 s/f

Grand Terrace Apartments

BALTIMORE, MD â&#x20AC;&#x201D; Bierer & Margolis, P.A., attorneys at law has relocated their office, leasing 5,040 s/f in The Federal Reserve Bank of Richmond Building located at

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502 South Sharp St. Terri Harrington of Mackenzie Commercial Real Estate Services represented the landlord, The Federal Reserve Bank of Richmond, and Richard Blue, Jr., SIOR, and Patrick Smith of Blue & Obrecht Realty, LLC represented the tenant. Bankers Life and Casualty Company leased 3,222 s/f of office space at 2219 York Rd. in Timonium. Blue, Jr., SIOR, and Smith represented the landlord, 2219 York Road LLC, and Stuart Rienhoff of Jones Lang LaSalle represented the tenant. Doctors Express, an urgent care facility, leased 2,686 s/f of office space at 2219 York Rd. in Timonium. Their new facility is expected to open in the Spring of 2011. Blue, Jr. and Smith represented the landlord, 2219 York Road LLC, and Bradley Buslik of H&R Retail represented the tenant. â&#x2013;

Commercial Office Property Spotlight a section of the

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Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 25 - March 10, 2011 — 3D

COMMERCIAL OFFICE PROPERTIES SPOTLIGHT By Bill Durso, CBRE and Jake Terkanian, Nutrisystem

Nutrisystem Shines in global headquarters relocation with focus on efficiency

BRE’s Philadelphia Project Management Team, led by Jake Terkanian, was retained by Nutrisystem to assist with the fit-out and construction of the company’s new global headquarters. Nutrisystem signed a 12-year lease for 120,000 s/f at 600 Office Center Drive in Fort Washington, Pennsylvania. Nutrisystem, Inc. is the number one home delivery weight loss company offering proven nutritionally balanced programs designed for women, men and seniors, as well as the Nutrisystem D plan, specifically designed to help people with type 2 diabetes lose weight and control their diabetes. With a new senior executive management team in place, a stronger company identity and a desire for an increase in operational efficiency, Nutrisystem embarked on an extensive evaluation of its real estate needs in 2008. At the time, Nutrisystem was a company spread over four buildings in Horsham, PA. The firm was at capacity in one building, closing another and in need of significantly renovating a third in order to accommodate all of its current departments and operations. With some of their leases expiring between the fourth quarter of 2009 and the first quarter of 2010, Nutrisystem decided it was an ideal time to search for a highly efficient, single site to meet the growing and changing business needs of its global headquarters. Working with a local real estate advisor, Nutrisystem performed a KOIZ tax analysis, employee mapping study, labor analysis and site selection in October 2008. In addition, the company engaged Meyer Design to perform a full space program to determine Nutrisystem’s appropriate square footage requirements within their current leased spaces and proposed new locations. The team evaluated many locations within the Greater Philadelphia area relative to Nutrisystem’s space needs, business goals and vision for the future. Knowing that the company wanted to be in a single location and understanding the significant IT investment that a re-location would entail, Nutrisystem collaborated with CB Richard Ellis’ Project Management team

600 Office Center Drive

to establish a comprehensive project budget for review by its Board of Directors. Based on Nutrisystem’s business cycle, the tax and labor analyses and employee mapping, it was determined that all staff needed to be relocated by August 2010. Upon budget approval and confirmation of a 120,000 SF space requirement, Nutrisystem set out to make a final site selection by the end of the first half of 2009. The established timeframe eliminated the possibility of retrofitting any of Nutrisystem’s existing build-

ings as well as any build-tosuit options which would take close to 18 months. With input from Nutrisystem, CBRE developed a fully integrated project schedule that included procurement, construction, fixturing, data center migration, and phased occupancy. The team uncovered a prime opportunity at 600 Office Center Drive, a three-story, Class A office building in Fort Washington, PA allowing Nutrisystem to stay in the same geographic area. CBRE negotiated a landlord turnkey construction solution

where Nutrisystem controlled the bidding process and assigned the awarded general contractor to the landlord. By doing this, Nutrisystem assigned budget and schedule risk to the landlord and focused on internal coordination of business activities with a primary focus on the data center migration. Construction began in January 2010 with a planned occupancy of August 2010. Nutrisystem consolidated its global headquarter operations into a single site and continued on page 4D

4D — February 25 - March 10, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

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COMMERCIAL OFFICE PROPERTIES SPOTLIGHT By Marc Schwartz, Marc Realty

Negotiating leases in a soft market he past 3 years have been one of the most difficult periods in which to negotiate leases for property owners while being one of the best times for tenants. The primary purpose re- Marc Schwartz mains filling space, but at what “opportunity cost” ? Many of my clients recognize

that base rent has adjusted in their markets and within their properties by 10-40% since the market peak of 2007. The trap that many owners fall into is locking in a discounted rent today for the next 5 years or longer, thereby leaving rent money on the table (the opportunity cost) and affecting the long term value of the asset. If you believe that the market has turned and better times are ahead for owners (property owners like real estate brokers are forever optimistic about the future); then here are four (4)

key deal pointers to negotiate from the Landlord’s side: 1. Adjust the base rent every 2 years rather than every 5 years and use a property based benchmark such as average building rent or most recent lease rent to make the adjustment. Escalations by the CPI or a flat 3% per year on a discounted rent may not return the lease to a market rent over the term. Watch out for the tenant argument that “the market is down 30%”. Most tenants and others involved in the leasing process have a bias toward the

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media headlines which paints the real estate market with a very broad brush stroke. The commercial office market does not move in lockstep with the residential market. 2. Do not include electric and other utilities in the gross rent. All other tenants in the retail, apartment and industrial asset classes pay for utilities so why should office tenants be treated differently? Merging utility costs with base rent distorts the income statement and makes comparisons to industry metrics difficult.

3. Be aggressive and definitive with your lease proposal but offer same with conditions and deadlines. Tenants are notorious for collecting proposals and not acting on them. If you really want to shorten the time it takes to get to a deal, be bold with your offer but insist on an answer by a certain date or withdraw and work on the next prospect. 4. Free rent does not cost you if the space is going to remain vacant anyway. I like to add the free rent period onto the term so that it does not erode the full rental value of the lease term. This is the easiest chip to play and usually meets the tenant’s needs for lower rent up front. Another option to this strategy is to defer some of the free rent into the future, making the tenant earn it. Each lease transaction requires a different approach and should not be forced to conform to some standard or model that may not apply. Talk with your broker and construct a meaningful and realistic offer from either side of the deal. Best of success with your real estate this year. Marc Realty is a specialist in office leasing and investment property sales. ■

By Bill Durso, CBRE and Jake Terkanian . . . continued on page 4D signed a long-term lease at 600 Office Center Drive. The new location includes a twostory main reception area with modern Tasting Lab and Test Kitchen; a Creative Studio with adjacent Brainstorming Rooms; a flexible multi-use open Town Hall space for Wellness Programs, receptions and department meetings; a private fitness center with locker rooms; a 450-seat call center with 120-person training center on the second floor; and an open workstation floor plan with abundant collaboration spaces for non-contact center operations with interior glass throughout for natural light on the third floor. As a result of the competitive bidding process employed for the project, budget savings of over 10% were returned back to Nutrisystem in addition to accelerated depreciation of improvements identified as a continued on page 8D

COMMERCIAL OFFICE PROPERTIES SPOTLIGHT FEATURING NAI GLOBAL MAREjournal.com

Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 25 - March 10, 2011 — 5D

2011 introduces NAI Global Sustainability Services

NAI global reports significant gains in 2010

RINCETON, NJ — NAI Global, the world’s premier managed network of commercial real estate firms and one of the largest real estate services providers worldwide, reported significant gains in 2010 as the Jeffrey M. Finn company expanded and realigned services to better serve clients’ changing needs. “NAI Global continued to innovate and differentiate in 2010, realizing new service offerings and sales channels to help our clients achieve success in today’s uncertain market conditions,” said Jeffrey M. Finn, NAI Global president & CEO. “We look forward to a stronger 2011, built on a reimagined and reinvigorated global network.” Among NAI Global’s 2010 highlights: • NAI Global significantly expanded its Member network,

“NAI Global continued to innovate and differentiate in 2010, realizing new service offerings and sales channels to help our clients achieve success in today’s uncertain market conditions,” said Jeffrey M. Finn, NAI Global president & CEO. with 17 new member firms across the U.S., Latin America and Europe. That growth continued in 2011 with new offices in the UK and Vietnam. • In partnership with Harcourts International, NAI Global launched NAI Harcourts and began rapid expansion of the brand in Australia, New Zealand and South Africa. More than 40 offices came under the NAI Harcourts umbrella in 2010 with key offices in

Auckland, Wellington, Christchurch, Melbourne, Adelaide and Perth. • NAI Global added more than 100 million s/f to its property management portfolio, bringing the total up to 300+ million s/f under management worldwide. • NAI Global formed a Special Asset Solutions group in January 2010 to assist banks, financial institutions and special servicers with their distressed

real estate assets. NAI was retained by two of the world’s largest banks as the preferred provider for disposition of distressed assets and REO. The group also was retained by one of the world’s largest private equity investors to assist in pre-acquisition analysis. • Expanding on NAI Global’s successful Commercial Property PowerSale platform, introduced in 2009, NAI Global formed an alliance with NRC Realty & Capital LLC to offer online sealed-bid sales. The next PowerSale is scheduled for April 14. • NAI formed a Project Management Group based in NAI Global New York City’s office under the leadership of Fred Tuck. The Project Management Group provides turnkey endto-end solutions for corporate clients. • Building its expertise, NAI Global added strength and depth to its global teams, including Peter Ruggiero, managing director, Global Capital Markets; Paul Danks, senior vice president of Corporate Services in the EMEA region;

and Gus Poulopoulos, executive managing director at NAI Global New York City. • I n 2 0 11 , N A I G l o b a l launched a comprehensive suite of “green” services under the NAI Global Sustainability Services umbrella, including a strategic alliance between NAI Global and GreenPoint Partners to help property owners and users achieve profitable sustainability by delivering energy audits, solar and wind renewable energy, efficiency retrofits and LEED certification. Other services under the NAI Global Sustainability Services umbrella include Optm, which brings NAI Global together with world renowned architectural firm Gensler and “Green” Guru John Picard to create a platform to transact “Green” buildings and undertake programs to create value by “greening” buildings and campuses. NAI also has formed a strategic alliance with Environmental Resources Management (ERM) to provide environmental due diligence, site investigation and remediation services around the world. ■

INSIDE Bryan Cole, NAI Keystone Commercial & Industrial, LLC ........................................................................ 6D Tripp Way, NAI Emory Hill ............................................................................................................................ 8D Gregory HM Broujos, NAI Pittsburgh Commercial.................................................................................. 10D Bill Gladstone, SIOR, CCIM, Bill Gladstone Group of NAI CIR............................................................... 11D W. Joshua Levering, NAI James E. Hanson ............................................................................................. 12D John Thiry, NAI Commercial Partners ...................................................................................................... 14D

6D — February 25 - March 10, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

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NAI KEYSTONE By Bryan Cole, NAI Keystone Commercial & Industrial, LLC

Greater Reading Office Market Report End of Year 2010 Report

he 2010 Greater Reading Office Market was much more active than the previous year although vacancy rates increased throughout the local market. This was due to the majority of Bryan Cole the transactions taking place within the county. The office market continued to experience companies downsizing along with relocating their existing offices to take

advantage of the decreasing rates and the increase in lease incentives. The good news is that there were a number of companies who increased their footprints including The Reading Hospital and Medical Group, UGI, and C&L Group. This is good to see in a market which has experienced less than favorable absorption rates within the past few years. Unfortunately due to a number of companies closing operations locally the absorption rate for 2010 still maintained its negative status, however it could have been

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EXETER RIDGE CORPORATE CENTER 3970 Perkiomen Ave., Reading PA 19606 SALE or LEASE Class A Office building in Exeter Township. Prime location with ready to design floor plates. Green construction & state of the art technology. Suites from 1,000 to 28,000 SF

WYOMISSING CORPORATE CAMPUS 1166 Spring St., Wyomissing PA 19610 LEASE Prime Office space in Wyomissing, PA. 158,000 SF Corporate Campus with 11,000 SF available immediately. Build to suit opportunities up to 50,000 SF also offered for lease

CLASS “AAA “ OFFICE BUILDING One Meridian, Wyomissing PA 19610 LEASE Class A Office building located just off Rte 422 and Rte 222 in Wyomissing. High profile location with cafeteria, conferencing facility and gym on-site. 45,000 SF divisible to 2,500 SF

much worse without those companies expansion. The end of year 2010 showed a slight decrease in Suburban class “A” building Vacancies starting at 12.5% in late 2009 and closing at 12.4%, mostly due to a new build to suit for the Reading Hospital and Medical Group, along with companies increasing their footprints at 1 Meridian Blvd in Spring Ridge and The Wyomissing Corporate Campus in Wyomissing. Class “A” buildings have typically been a safe sector in the marketplace because of low inventory; however with

new developments coming on line, and companies looking for lower rents the class “A” sector may see less demand, greater competition and potentially more vacancy. Class “A” rental rates in 2010 remained stable with rates ranging from $15.50 - $16.75 (Triple Net) on the high side; however there was considerable downward pressure on pricing within this segment. The class “B” sector experienced the same issues in 2010 as did class “A”, starting at 13.7% and ending at 13.6%, however while vacancy

SPRING RIDGE CONDOMINIUM Three Meridian, Wyomissing PA 19610 SALE or LEASE Single Story Condos to be built at Spring Ridge. Prime office and medical space available with over 5 parking spaces per 1,000 SF

MUHLENBERG OFFICE PLAZA 210 George St., Muhlenberg PA 19605 SALE or LEASE Multi-tenanted two-story 37,500 SF office building on 1.8 acres. High profile location in the Reading suburb of Muhlenberg Township. JUST REDUCED TO $1,600,000 !!

SPRING TOWNSHIP CORPORATE CAMPUS Hillvale & Iroquois Ave, Sinking Spring PA 19608 SALE or LEASE Class A Office Complex with all approvals in place. Office buildings on this site will range from 6,000 SF to 53,160 multi story. Tenants can design their own building, floor plan or combine lots for a larger footprint

For more information or to arrange a tour of any of these properties Contact us at 610-779-1400 marketing@naikeystone.com

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rates decreased, rental rates remained steady. Base rental rates within this sector range from $8-9 psf and tops out at $12-13 psf with gross rates coming in around $15-16 psf! Recent absorption has come mainly from expansion of operations by companies already in the market. The downtown area of the City of Reading has seen some new deals consummated, like the Greater Reading Chamber of Commerce, Greater Berks Development Fund and Berks Economic Partnership leasing space at 201 Penn St., the market remains flat due to these companies coming from existing space within the City. Buildings that have seen vacancy for some time, including 645 Penn Street and 501 Washington Street are starting to show some signs of hope due to new management and ownership changes taking effect. Owners and tenants are continuing to struggle with parking costs and security concerns, which are continuing to be addressed by a committed City Administration. Downtown City of Reading vacancy rates continue to increase in late 2010 with rates rising 15.6% to 20.7% in class “B” Product with much of the vacancy continuing to surround large blocks of contiguous space. The City of Reading and economic development groups have been working hard to improve and revitalize Downtown which shows in the number of projects underway. The new IMAX Theater and the nearly completed addition to the Reading Eagle Headquarters in the CBD are welcome entrants to the market and kick off a multi-million dollar main street corridor project that includes a new $67 million Doubletree Hotel and garage project across from the Sovereign Entertainment and Expo Center. This will help attract a more vibrant restaurant and entertainment segment with increased amenities and ultimately assist to bring tenants back downtown while decreasing vacancy rates and increases in the tax base. 2011 is showing signs of hope, with new tenants entering the market place, and rental rates continuing along a steady course upward. Deals will continue to get continued on page 8D

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Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 25 - March 10, 2011 — 7D

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8D — February 25 - March 10, 2011 — Commercial Office Properties Spotlight — Mid

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NAI EMORY HILL By Tripp Way, NAI Emory Hill

Delaware market remains emotion-driven

ike every North American office market, Delaware has endured its share of hardship over the last 24 months, culminating in the expectation for an improvement Tripp Way in conditions during 2011. In the last six months of 2010, while the average class A vacancy rate dropped 1.4 percent, from 12.5 to 11.1, the quoted Full

Service lease rate increased by approximately 25 cents psf. Class B office, while not experiencing any noticeable change in absorption, has seen an average rate increase of about 35 cents psf. Given that rental rates aren’t experiencing major changes in line with the shift and that no new construction projects have brought increases of square footage to the market in areas seeing negative absorption, it can be surmised that emotion continues to play a role in the market. In fact we are seeing some

class C properties quote full service leases at higher rates than Class B in the same area. While these quotes may not take into consideration landlord concessions, coupling a tendency toward shorter-term leases with the willingness to concede shows that emotions continue to run high. It seems safe to say that uncertainty and moderate pessimism remained the motivating factors for both tenants and landlords throughout the second half of 2010, accounting for some interesting market fluctuations.

A comparison of rental rates from the end of 2009, however, provides some reason for optimism. The past year added nearly one dollar psf to the average class A CBD lease. Class A suburban office space is holding steady at about $23 psf. It was during the second half of 2010 that Wilmington moved against a highly-publicized and widely-criticized tax increase against S corporations. While this may have accounted for some fluctuation in the market, no movements from the CBD were reported as

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a direct result. Indeed, uncertainty about taxes, increases in health care costs and other economic factors have taken their toll on transactions. The good news is that there are deals to be found in the market. Landlords are willing to negotiate and an increase in market activity should help to move some of the vacancy while construction remains slow, although interest in projects Tripp Way is principal at NAI Emory Hill. ■

By Bill Durso, CBRE and Jake Terkanian . . . continued on page 4D result of a detailed Cost Segregation study performed by CBRE. Norwood Construction executed the construction as planned delivering the data center early to ensure the migration was complete prior to occupancy of the call center and executive suites. Vendors, including furniture, audio video, security, and signage, came together nicely during the final construction stage and complimented the interior design done by Meyer. Nutrisystem was able to experience the flight to quality in a down real estate market, consolidate multiple locations, build a new data center and deliver a more desirable working environment for its employees all while maintaining full business operations. Bill Durso is the facilities operations director with Nutrisystem, Inc. Jake Terkanian is a project management director and LEED Accredited Professional with CBRE. ■

By Bryan Cole . . . continued from page 6D done because landlords are reacting to current market conditions, which means companies are getting favorable incentives, such as introductory rates, rent abatements and additional tenant improvements. Also, landlords are now offering tenant improvements and incentives to keep their existing tenants. Bryan Cole is a sales and leasing professional with NAI Keystone Commercial & Industrial, LLC. ■

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Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 25 - March 10, 2011 — 9D

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10D — February 25 - March 10, 2011 — Commercial Office Properties Spotlight — Mid

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NAI PITTSBURGH COMMERCIAL By Gregory HM Broujos, NAI Pittsburgh Commercial

The strength of Pittsburgh’s commercial real estate market

ittsburgh’s commercial real estate market has been stable during the downturn due to a combination of population growth and positive employment trends. The city, formerly a manufacturing strong- Gregory Broujos hold, has been transitioning itself into a center for healthcare, education and energy-related jobs. The Pittsburgh region contin-

ues to experience strong growth and is garnering national applause from all over the country. With unemployment two points below the national average, Forbes.com ranks Pittsburgh second nationally in terms of prosperity and cost of living. Moody’s ranks the Pittsburgh commercial real estate market fifth nationally and states that the multifamily market enjoys a 2.4% vacancy rate, the lowest in the country. In terms of job creation, Pittsburgh ranks 10th according to the U.S. Bureau of Labor Statistics, and CNBC states that the cost of living in

Pittsburgh is 12.2% below the national average. Once again, Pittsburgh’s long-standing commercial real estate market stability proves to be a huge asset, especially after coming out of the most recent recession. The office market and multi-family market remain strong, while retail has made modest gains. The main sectors driving Pittsburgh’s 21st century resurgence are businesses involved in drilling for gas from the Marcellus Shale formation and the continued growth of Westinghouse Nuclear. These

factors, along with the technology sector, which has benefited from Google’s commitment to Pittsburgh’s East End, have worked hand in hand with growth from the City’s colleges and universities. Institutions such as the University of Pittsburgh, Carnegie Mellon, Robert Morris, Point Park, Duquesne and Chatham Universities have made invaluable contributions to the city. Home to seven Fortune 500 companies, such as Federated Investors, Alcoa, USX, Bayer, Rand and Google, these companies provide an infusion

ESTABLISHED LEADER OF WESTERN PENNSYLVANIA’S COMMERCIAL REAL ESTATE INDUSTRY Industrial • Office • Investment • Retail • Corporate Services INDUSTRIAL PROPERTY FOR SALE OR LEASE 700 TRUMBULL DRIVE, GREENTREE BOROUGH 48,000 SF Warehouse & 10,000 SF Office Sale Price: $3,200,000 Lease Rate: $6.50 NNN Contact: John Bilyak or Jason Adams 412 321 4200 INDUSTRIAL PROPERTY FOR LEASE ROBINSON COMMERCE CENTER, PITTSBURGH 181,615 SF in the Main Building 7,370 SF & 5,440 in two “Out” Buildings Sub-divisible to 20,000 SF Contact: John Bilyak or Patrick Sentner OFFICE PROPERTY FOR LEASE 600 CHERRINGTON CENTER DRIVE, MOON TOWNSHIP 1st Floor 13,692 SF 2nd Floor 14,634 SF 3rd Floor 17,784 SF 4th Floor 20,603 SF Planned Full-Building Renovations Contact: Paul Horan or Jeff Adams 412 321 4200 INVESTMENT/PREMIER OFFICE COMPLEX FOR SALE PARKWAY CENTER, PITTSBURGH Buildings 1, 2, 4, 6, 7, 9, 10 & Parking Garage 622,771 SF Office Space on 20.7 Acres Sale Price: $47,000,000 Contact: Gregg Broujos 412 321 4200 Our Team of Professionals are dedicated to providing clients with the most comprehensive real estate services with the highest level of professionalism and integrity.

of capital and employment crucial to the city’s continuing development. The financial sector also remains strong and has experienced growth, with the additional strong presence of First Niagara and Huntington National Bank to the Pittsburgh market, along with PNC Corporation and BYN Mellon, who remain economic stalwarts. Pittsburgh’s three major rivers, along with some of the largest inland ports in the nation, allow for the easy and cost effective transportation of basic commodities such as steel, iron, natural gas, oil and coal. Pittsburgh International Airport is ranked as one of the world’s best with direct flights to many cities. This along with renowned sports teams such as the Steelers, Penguins and Pirates, world class cultural venues and great outdoor recreational opportunities, allows Pittsburgh to be annually ranked as one of the nation’s most livable cities. NAI Pittsburgh Commercial, locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world. About NAI Global NAI Global is one of the leading commercial real estate services providers worldwide. Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 commercial real estate professionals and 350 offices in over 55 countries, and completes over $45 billion in annual transaction volume. Since 1978, NAI Global clients have built their businesses on the power of NAI’s expanding network. NAI Global’s extensive services include corporate real estate services, brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain consulting and related advisory services. Gregory HM Broujos, founding principal & managing director at NAI Pittsburgh Commercial, has been in the real estate business for over 23 years, specializing in investment property sales and retail sales and leasing. ■

MAREjournal.com

Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Commercial Office Properties Spotlight â&#x20AC;&#x201D; February 25 - March 10, 2011 â&#x20AC;&#x201D; 11D

NAI CIR By Bill Gladstone, SIOR, CCIM, Bill Gladstone Group of NAI CIR

How Do We Get prepared?

wo and a half years ago the world was a much different place. The unemployment rate in Central Pennsylvania was well under 4%. Banks were lending money and unfortunate- Bill Gladstone ly, in some cases were doing so unwisely. New businesses were emerging and people were buying real estate. Life was good. In fact, more people were â&#x20AC;&#x153;living the dreamâ&#x20AC;? then compared to now. What was typical and customary then is not at this time. The new â&#x20AC;&#x2DC;normâ&#x20AC;&#x2122; has not yet re-established itself as we patiently watch to see how close we get to the lifestyle we were living once before. Those of us who have lived through these cycles before know this is exactly what it is, a cycle. The good times will be back, however, we do not know how good they will be or when they will return. With the economy, the jobs, the purchasing of real estate, and the starting of new businesses coming back, we would be foolish not to be prepared. We now have time and many of us may be doing less than we were in prior years simply because the business is not there. How do we get prepared? Do we go to the gym and start working out so we increase our physical endurance and outlast the tough times? Perhaps not such a bad idea since the latest survey shows that 42% of the U.S. population will be obese within ten years. But that is not quite what I had in mind by saying â&#x20AC;&#x153;get preparedâ&#x20AC;? for the upswing. There is no doubt that you want to be physically ready to meet the new challenges, but you also need to be mentally prepared so you can take advantage of this cycle when it hits. Start asking, â&#x20AC;&#x153;What can I do to make myself better and make the world better?â&#x20AC;? One of these concepts focuses on economic balance, the other on social responsibility. If you have immediate responses to these two questions, I would ask you to rethink these answers because I am not sure they are that readily available. Here are

some of the things that need to be looked at introspectively so that the right choices are

ductivity as you chase the next bull ride through the years it occurs. Reading and question-

of the situation and live that dream.

time to understand and realize that when we go into the next cycle, we should be better prepared, more intelligent and more inquisitive than we were during the last upswing, meeting our challenges headon and solving our issues successfully.

made. We should perfect our business models so when the recovery starts, the economic train that pulls out of your station is sleek and streamlined, saving you time and money and allowing you efficiency and pro-

If you are prepared to do these things to enhance yourself and your world, you should be enthusiastic and proud. You should be ready to live the dream like you never lived it before. It is yours for the taking. If you commit yourself to

You have wonderful opportunities in front of you and change will be inevitable. I advise you to take advantage

ing of our age old standards by which we model ourselves in our business and personal lives should be evaluated. Those questions are appropriate in checking if we are only doing things because there is no good substitute. This is the

being an instrument of change, you just need to understand that the parameters within which you are currently working will not be the parameters in which you will continue to work and live in the future. You have wonderful opportunities in front of you and change will be inevitable. I advise you to take advantage of the situation and live that dream. Bill Gladstone, SIOR, CCIM, is the principal of the Bill Gladstone Group of NAI CIR in Harrisburg, PA. â&#x2013;

$FOUSBM 1FOOTZMWBOJB 0GĂ&#x2122;DF 0QQPSUVOJUJFT 'PS -FBTF

For Sale 30 N. 3rd Street, Harrisburg p 3,273 - 36,231 SF available p PGG Ă&#x2122;STU NPOUIT SFOU XJUI a 5 year deal p #FBVUJGVM XJOEPX MJOFT p 0OF QBSLJOH TQBDF 4' Bill Gladstone ext 120

2401 N. Front Street, Harrisburg p "UUSBDUJWF TUPOF BOE TUVDDP NBOTJPO p 4' BWBJMBCMF JNNFEJBUFMZ p 'JOJTIFE CBTFNFOU BEET 4' p 5XP DBS HBSBHF p 7JFXT PG UIF 4VTRVFIBOOB 3JWFS Craig Rahn ext 136

1200 Camp Hill Bypass, Camp Hill p "UUSBDUJWF UISFF TUPSZ PGĂ&#x2122;DF CVJMEJOH p 4VJUFT GSPN 4' BWBJMBCMF p -PDBUFE PO CVTZ PGĂ&#x2122;DF SFUBJM DPSSJEPS BEKBDFOU UP 3BEJTTPO 1FOO )BSSJT p 4' KBOJUPSJBM Jim Ross ext 122

2625 Market Place, Harrisburg p 'VMMZ MFBTFE 4' CVJMEJOH p -POH UFSN MFBTFT JODMVEF &OUFSQSJTF 3FOU " $BS BOE 5SJTUBO "TTPDJBUFT p (SFBU VTFS JOWFTUPS PQQPSUVOJUZ XJUI 4' MFBTF CVZPVU Erik Gainor ext 146

4775 Linglestown Rd. Harrisburg p 1,200 - 6,282 SF available p 1SPGFTTJPOBM PGĂ&#x2122;DF QBSL FOWJSPONFOU p (SFBU WJTJCJMJUZ GSPN -JOHMFTUPXO 3E p "EEJUJPOBM MBOE DPVME QSPWJEF B 4' CVJME UP TVJU PGĂ&#x2122;DF CVJMEJOH Jason Sourbeer ext 189

2574 Interstate Drive, Harrisburg p 'SFFTUBOEJOH PGĂ&#x2122;DF Ă&#x161;FY CVJMEJOH p -PDBUFE BU $PNNFSDF 1BSL * BU 1SPHSFTT "WFOVF p 4' BWBJMBCMF JNNFEJBUFMZ p Joe Bedard ext 119

75 Shannon Road, Harrisburg Gateway Corporate Center p 4QBDFT GSPN 4' 4' p #FBVUJGVMMZ MBOETDBQFE PGĂ&#x2122;DF QBSL p $POWFOJFOU MPDBUJPO Bill Gladstone ext 120

2601 N. Front Street, Harrisburg p #FBVUJGVM 4' MJNFTUPOF NBOTJPO XJUI NBSCMF TUBJOFE HMBTT Ă&#x2122;SFQMBDF BOE SJWFS WJFXT p p 0XOFS Ă&#x2122;OBODJOH DPOTJEFSFE Dan Alderman ext 132

101 N. 2nd Street, Harrisburg p 4' BWBJMBCMF BCPWF .FUSP #BOL %JWJTJCMF UP 4' p &OUJSF OE BOE SE Ă&#x161;PPST BWBJMBCMF p 1SPGFTTJPOBM MPCCZ PO HSPVOE Ă&#x161;PPS XJUI FYDMVTJWF FOUSBODF Bill Gladstone ext 120

600 N. 12th Street, Lemoyne p 4FDPOE Ă&#x161;PPS BWBJMBCMF BT DPOEP p %FTJHO ZPVS PXO Ă&#x161;PPS QMBO p 4' p Dan Alderman ext 132

NAI CIR PO Box 8910 Camp Hill PA 17011 717 761 5070 www.naicir.com

12D — February 25 - March 10, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

MAREjournal.com

NAI JAMES E. HANSON By W. Joshua Levering, NAI James E. Hanson

Northern New Jersey office and industrial markets picking up steam

The Northern New Jersey Commercial Real Estate (CRE) market is undeniably showing encouraging signs of a turn for the better. This market is closely W. Joshua aligned with Levering the national economy which predicts a sustained and long term recovery that will be tied to the rate of employment growth.

The Northern NJ market is an extraordinarily large and diverse marketplace that includes many Fortune 500 firms with a concentration in the pharmaceutical, telecom, financial, insurance, manufacturing/distribution and import and export businesses. In addition, there are many large and prestigious international firms. This Market continues to be highly desirable for commerce and industry due to its accessibility to New York City and its very diverse and educated labor pool. Over the past year, vacancy

rates for ‘A’ quality office space have decreased slowly but steadily. Our statistics indicate a reduction of almost two (2) full percent points from approximately 16% at the beginning of 09’ to slightly under 14% at the beginning 2010. Our research indicates strengthening in leasing velocity and renewal activity, particularly in the last quarter of 2010. Overall, the office sector had a positive absorption, the first since 2007. Rental rates for office continue to be somewhat flat but stable. Class A office average

asking rents were at $26.97 psf with Class B rates averaging $22.50 psf. Landlord and owners continue to offer attractive rent concessions and interior improvement packages, especially for the larger and well capitalized tenants. In the Industrial sector, there is little new construction and vacancy rates are steady. At the end of 2009, vacancies were between from 8-9% compared to the 7.65% vacancy at the end of 2010. Leasing rates also held somewhat steady with average asking rates of $5.75 psf for A and B

SOLD ...on the value of teamwork. At NAI James E. Hanson we know the value of teamwork. We take pride in working as a team. Our people value one another. We draw on each others’ strengths. That’s why our representatives will regularly partner on projects to lean on each others’ expertise. That kind of interaction is uncommon in our industry, yet it happens every day at NAI James E. Hanson. If you value teamwork as much as we do, call us. It doesn’t matter who answers the phone. We are all here for you. Performance Driven. Tradition Bound.

Hackensack 201-488-5800 | Parsippany 973-463-1011 | Clark 732-827-0100 | www.naihanson.com

properties, while warehouse/ manufacturing and bulk warehousing rates were averaging slightly less at $4.65 psf. One of the notable changes to the industrial market last year was the large amount of acquisitions by investors and purchases by users. Overall, the industrial building sale activity in 2010 was very positive. We anticipate the industrial market to continue at a very strong pace during 2011 and predict it will be the leading sector of activity in our market. To sum up, the Northern NJ marketplace is ‘seemingly’ headed in the right direction. With owners, landlords and tenants looking to make deals, the activity should continue in a positive manner. Even with an increase in activity, we don’t predict any dramatic changes in vacancy for the office or industrial sectors. A lack of new construction, continued demand for good properties, and interest rates remaining low, all factor for a positive direction for the CRE marketplace in Northern NJ. W. Joshua Levering, SIOR is senior vice president at NAI James E. Hanson. ■

NAI Global honors David Blanchard with Lifetime Achievement Award PRINCETON, NJ — NAI Global honored David Blanchard, executive vice president, with the Gerald C. Finn Lifetime Achievement Award in recognition of his years of dedication and service to the NAI Global network. Blanchard joined NAI Global in 1985 in a corporate services/ business development role and has played a leadership role in building NAI’s U.S. network during his 25-year career. He currently leads the company’s Member Services team and primarily focuses on member development, orientation and training. “David’s unique ability to touch and inspire people has been critical to our growth and success,” stated NAI Global President & CEO Jeffrey M. Finn. “He is special person and we are so glad we have had the great fortune to have him on our team .” ■

MAREjournal.com

Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 25 - March 10, 2011 — 13D

NAI DILEO-BRAM & CO.

Wherever You Are. Wherever You Want To Be. We’re Already There. Monroe, NJ - For Sale/Lease

x Modern 13,400 sq. ft. regional headquarters facility. x Quality finishes and impressive. interior features throughout, including a two story lobby, upgraded lighting, new HVAC units and custom built-in cabinetry. x Each wing features separate conference rooms and restrooms. x Located at Exit 8A of the NJ Turnpike.

North Brunswick - For Lease

x 11,000 sq. ft. of newly constructed

South Plainfield, NJ - For Lease

x 61,000 sq. ft. professional/medical

Piscataway, NJ - For Lease

x 25,000 sq. ft. single story corporate office building.

x Divisible to 1,000 sq. ft. x Will finish to suit. x Above average parking ratio. x Tailboard loading dock available. x Ideally suited for high-tech users. x Located minutes from Route 287 and Route 18.

BELOW MARKET RENT

Piscataway, NJ - For Lease

divisible Class A office space. x Located in an upscale retail environmental with ample parking available. x Situated at the intersection of Route 1 and Route 130. x Strong daytime population. x Minutes from Middlesex County Courthouse and local area hospitals.

x 65,000 sq. ft. office building divisible into units of 1,500 sq. ft. and up. x Impressive interior features include a two story lobby featuring a decorative staircase, mahogany doors and granite flooring. x Abundant window lines throughout. Elevator served, security access, 9 ft. ceiling height in each suite. x Located minutes from Route 287 and Route 18.

Piscataway, NJ - For Sale/Lease

office complex comprised of 5 single story and 2 two story buildings.

x Units available from 1,500 sq. ft. x Fully approved 6,000 sq. ft. child day care site is also available at this location.

x Close to all major highways including Routes 287, 1, 22, The NJ Turnpike and The Garden State Parkway.

x 21,600 sq. ft. office building. x 13,000 sq. ft. available for lease . x Divisible to 2,000 sq. ft. x Generous window line. x Lobby features include marble and granite flooring.

x Easy access to Routes 287, 1 & 22, the NJ Turnpike and Garden State Parkway.

For Further Information Please Contact Exclusive Broker:

1315 Stelton Road Piscataway, NJ 08854

tel 732 985 3000

fax 732 985 3022 www.naidileobram.com

Build On The Power Of Our Network™

The information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease.

Wherever you are, you’re at the heart of our network.

14D — February 25 - March 10, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

MAREjournal.com

NAI GLOBAL By John Thiry, NAI Commercial Partners

Lancaster County office market he Lancaster County office market has trended in the same direction, but to a lesser degree, than other MSAs in the region in 2010. Both the city and suburban office John Thiry markets suffered negative absorption during the year. Suburban office vacancy grew by 2% to 19% for class A product and a whopping 6%

increase in class B vacancy resulting in 22% vacancy for that product class. The story in the city was dominated by the departure of CoreSource from its downtown location leaving a 59,214 s/f negative class A CBD absorption in its wake. At the end of the year, city office vacancy rates stand at 24% class A and 12% Class B. On the plus side, NNN rates have stabilized over the past 4 quarters at $16.50/SF and $11.00/s/f for class A and class B product respectively. Since the office market traditionally lags employment by 6 9

months, recent stabilization and in fact improvement in local jobs numbers are tentatively encouraging for office demand in the later onths of 2011. Lancaster County boasts a slowly lowering unemployment rate currently at 7.2% and when compared to the state average of 8.5% and a national average of 9.1% looks positively rosy. However this cautiously upbeat news must be tempered against nearly 500,000 s/f of supply on the books and an estimated 100,00 SF of shadow space waiting to be expanded into.

The downtown CBD continues to benefit from the recent opening of the Lancaster Convention Center and Marriott Hotel. Other notable projects include the redevelopment of the former Armstrong World Industries and Norfolk Southern sites by Frankin & Marshall College and Lancaster General Hospital into an 80 acre campus for medical, research and development, educational and recreational uses. Amtrak is in the throes of a $12 million station improvement, the city transit authority is adding a much

needed parking garage in the CBD and redevelopment of the former Lancaster Stockyads into a 20 acre business park has been finalized and construction completed for its first two tenants, CoreSource and Cargas Systems. Lancaster remains a vibrant, stable and attractive place to live and work with a first class arts district and a resurgent downtown scene. Office developers are eyeing any positive employment news as an indicator that the current backlog of office inventory will b absorbed sooner than anticipated. John Thiry, REALTOR , is a member NAI Commercial Partners, Inc. ■

NAI Global honors Sentner of NAI Pittsburgh

INTEGRATED

www.LandmarkJCM .com • Land Planning • Environmental Services • Due Diligence • Phase I ESA • Civil Engineering • Site Design • Permits & Agency Processing • Surveying • GIS Mapping • Green Building Services

Engineering & E nvironmental SERVICES

Serving clients in Delaware • Pennsylvania • Maryland • New Jersey Headquarters 100 W. Commons Blvd., Suite 301, New Castle, DE 19720 • Phone 302.323.9377 Branch Oﬃces Dover & Georgetown, Delaware • Wayne, Pennsylvania • Havre de Grace, Maryland

PRINCETON, NJ — Patrick Sentner, SIOR, of NAI Pittsburgh Commercial in Pittsburgh, Pennsylvania, was recognized by NAI Global with its Chairman’s Aw a r d f o r performance in 2010. Patrick Sentner The Chairman’s Award recognizes the NAI Business Director who best exemplifies the “Right Stuff” as it relates to the effective management of an NAI office, including leadership, business generation, service delivery, participation in enterprise initiatives and integration of NAI tools and resources throughout the firm. Sentner was also recognized as a Top Performer at the Elite level based on production in 2010. “We are extremely pleased that our firm and Patrick were recognized by NAI Global for our hard work and the way we go about doing our business,” said Gregg Broujos, Founding Principal at NAI Pittsburgh Commercial. “We believe that awards like this are a reflection on our entire office, our valuable employees, and our work ethic.” The award was presented in a ceremony on February 9 at the NAI Global 2011 Convention in Las Vegas. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 25 - March 10, 2011 — 15D

MAREJournal-FullPageAd-Feb2011.ai 2/16/2011 11:26:21 AM

NAI GEIS REALTY GROUP

16D — February 25 - March 10, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

MAREjournal.com

NAI FENNELLY

NAI Fennelly Is...

Industrial Parks For Sale Ritchie & Page Building 292 3rd Street, Trenton, NJ 74,765 SF OF OFFICE & WAREHOUSE Consists of the following: Building 1: 12,558 SF of Warehouse with 30’ Ceilings and 102’ Clear Span. 2 Drive-in Doors (12x14) & 30,000 SF of outside storage Building 2: 13,565 SF - 2-Story Office Building Building 3: 44,574 SF of Warehouse with Refrigeration, 30-40’ Ceilings, Clear Span, 600 SF of Office Building 4: 4,000 SF of Warehouse used as a Repair Shop with 18’ Ceilings and 50x100 Column Spacing, 3 Drive-in Doors (12x14) 1.1 Acres Located in the UEZ ZONE (Urban Enterprise Zone) Route 29 Visibility, Adjacent to the Light Rail – Riverline Close proximity to the Trenton Train Station Convenient to the NJ Tpke., Rte. 1 & Interstates 95, 295 & 195

Industrial Center Ewing Township, New Jersey 84,600 SF OFFICE, WAREHOUSE & MANUFACTURING BUILDING Single Story Building with 85% Total Occupancy Outside Storage Space Acreage: 6.64 acres Power: 2,400 Amps divided to 1,200 Amps 16’ Ceiling Heights Zoning: IP2 Building Coverage = 50% Sprinkler: Wet System Heat: Gas Fired City Water & Sewer Located in a Redevelopment Zone Convenient to Rte. 1, Rte. 29, Interstates 94, 295 &195

609 520 0061

200A Whitehead Road, Suite 218 Hamilton, NJ 08619

www.fennelly.com

17D — February 26 - March 11, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

MAREjournal.com

MAREJ OFFICE TRANSACTION REPORT 2010 AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL

Property Name

Seller/ Owner/ Lessor

Address

3 Great Valley Corp. Ctr. Wayne, PA

—

Rep. of Seller/ Lessor

CBRE

Buyer/ Tenant/ Lessee

Level One LLC,

JANUARY 15 - DECEMBER 10, 2010 Rep. of Tenant/ Buyer

Price

Size

Desc.

S/L

Month

CBRE, Gola Corp

—

Off.

7A Jan 15

Vanguard Modular Bldg. Sys. Elmwood Park Building

Elmwood Park, NJ

Hartz Mountain Inds.

—

Home Delivery America

—

117,680 s/f

Off.

FCB Jan 15

85 Challenger Rd.

Ridgefield Park, NJ

KABR Group

Phillips Nizer

Samsung America

—

190,000 s/f

Off.

2B Jan 15

208 Harristown Rd.

Glen Rock, NJ

—

Jones Lang La Salle

Bank of America

Mountain Dev. Corp.

—

103,000 s/f

Off.

4B Jan 15

629 Springfield Ave.

Berkeley Heights, NJ

—

Weichert Commercial

—

Newmark Associates

—

4,600 s/f

Off.

5BJan 15500

Hills Dr.

Bedminster, NJ

—

Kwalter Assoc.

Peapack Gladstone Bank

Weichert Commercial

—

40,793 s/f

Off.

6B Jan 15

105 College Rd.

Princeton, NJ

NBP

—

Syska Hennessy Group

Jones Lang La Salle

—

9,000 s/f

Off.

6B Jan 15

1 Keystone Ave.

Cherry Hill, NJ

Endurance RE Group

NAI Mertz

CSI

CB Richard Ellis

—

8,535 s/f

Off.

10B Jan 15

2010 Springdale Rd.

Cherry Hill, NJ

Endurance RE Group

NAI Mertz

The Garr Group

—

3,039 s/f

Off.

10B Jan 15

5425 Jonestown Rd.

Harrisburg, PA

Madden RE

Landmark Comm’l/

Fellowship Church

—

2,603 s/f

Off.

2C Jan 15

3540 N. Progress Ave.

Harrisburg, PA

Dawn Marie Realty

Landmark Comm’l/

Natale Reporting Svcs.

—

Off.

2C Jan 15

3540 N. Progress Ave.

Harrisburg, PA

Dawn Marie Realty

Landmark Comm’l/

Crisp & Associates

—

972 s/f

Off.

2C Jan 15

883 East Tolna Rd.

Shrewsbury Twp, PA

—

ROCK Commercial

A&S Services Group

—

57,768 s/f

Off./Ind.

4C Jan 15

296 Pleasant Acres Rd.

York, PA

Deroche Associates

—

THR & Associates

CBC Bennett Williams

—

4,500 s/f

Off.

5C Jan 15

2100 East Market St.

York, PA

Brenda Blaxland

CBC Bennett Williams

Travis & Kristin Woolley

CBC Bennett Williams

$230,000

4,783 s/f

Off.

5C Jan 15

3703-3711 Tiffany Dr.

Dover, PA

MOLT LLC

CBC Bennett Williams

Groypsu LP

CBC Bennett Williams

$650,000

10 unit

Apt.

5C Jan 15

601 Northland Ave.

Chambersburg, PA

Cardiovascular Ptrs

—

Nova Corporation

CBC Bennett Williams

—

5,100 s/f

Off.

5C Jan 15

The Gateway Building

Reading, PA

—

NAI Keystone

GBFD/BEP

NAI Keystone

—

10,000 s/f

Off.

8C Jan 15

860 1St. Ave.

King of Prussia, PA

Metropolitan Bus. PK Grubb & Ellis

—

Grubb & Ellis

—

5,128 s/f

Off.

9C Jan 15

1015 Chestnut St.

Philadelphia, PA

1015 Chestnut St.

Grubb & Ellis

Today’s Womens Health

Grubb & Ellis

—

1,277 s/f

Off.

9C Jan 15

GSB Building

Bala Cynwyd, PA

Maguire Partners

Beacon Commercial

—

4,750 s/f

Off.

10C Jan 15

4 Fork Rd.

Stroudsburg,PA

Comm. Bank & Trust

CBC Pennco

Dein Properties

CBC Pennco

—

25,000 s/f

Off.

12C Jan 15

1000 Continental Dr.

King of Prussia, PA

—

KNF Smith Mack

Rutherfoord

NKF Smith Mack

—

3,238 s/f

Off.

12C Jan 15

3600 Crondall Ln.

Owings Mills, MD

Cronhill LLC

Blue & Obrecht Realty

Key Marketing Group

Blue & Obrecht Realty

—

4,600 s/f

Off.

7A Jan 29

One Constitution Sq

Washington DC

—

Cassidy & Pinkard

U.S. Gen. Svcs. Admin.

Studley

—

288,255 s/f

Off.

9A Jan 29

The Azarian Building

Midland Park, NJ

—

Azarian Group

Barbara Comerford

—

1,988 s/f

Off.

4B FCC Jan 29

3600 Crondall Ln.

Owings Mills, MD

Cronhill LLC

Blue & Obrecht Realty

Key Marketing Group

Blue & Obrecht Realty

—

4,600 s/f

Off.

7A Jan 2

One Constitution Square Washington DC

—

Cassidy & Pinkard

U.S. Gen. Svcs. Admin.

Studley

—

288,255 s/f

Off.

9A Jan 2

The Azarian Building

Midland Park, NJ

—

Azarian Group

Barbara Comerford

—

1,988 s/f

Off.

4B Jan 2

445 South St.

Morris Twp., NJ

Advance Realty

Covanta

CB Richard Ellis

—

105,000 s/f

Off.

Feb 12 FCB

10 Malcolm Ave.

Teterboro, NJ

—

NAI Hanson

Roberts Street Realty

—

15,000 s/f

Off.

Feb 12 2B

472 Barell Ave.

Teterboro, NJ

—

NAI Hanson

Priority Express

—

39,832 s/f

Off.

Feb 12 2B

35 Waterview Blvd.

Parsippany, NJ

—

Mack-Cali Corp.

Citrix Systems

Colliers Houston

—

10,518 s/f

Off.

Feb 12 3B

35 Waterview Blvd.

Parsippany, NJ

—

Mack-Cali Corp.

NuWave Inv. Mgmt.

Colliers Houston

—

6,982 s/f

Off.

Feb 12 3B

35 Waterview Blvd.

Parsippany, NJ

—

Mack-Cali Corp.

Contractors Register

TRS Associates

—

2,313 s/f

Off.

Feb 12 3B

One Paragon Ave.

Montvale, NJ

One Paragon Ave. Assoc. CB Richard Ellis

Samson Paragon

CB Richard Ellis

—

107,221 s/f

Off.

Feb 12 4B

Middlesex I

S. Brunswick, NJ

—

IDI

Cushman & Wakefield

—

1.35m s/f

Off.

Feb 12 6B

Princeton Corp. Park

Princeton, NJ

—

Newmark Knight Frank

—

Newmark Knight Frank

—

27,375 s/f

Off.

Feb 12 8B

17-21 Christopher Way

Parsippany, NJ

Donato Group

FirstService Williams

The Wentworth Group

FirstService Williams

—

15,500 s/f

Off.

Feb 12 8B

100 Christopher Ln.

Lansdale, PA

—

Aptcor Comm’l Realtors

BEC Machine Parts

Aptcor Comm’l Realtors

$2m

15,000 s/f

Off.

Feb 12 FCC

325 West Main St.

Lansdale, PA

—

ReMax

—

Aptcor Comm’l Realtors

—

1,384 s/f

Off.

Feb 12 FCC

175 Limekiln Rd.

New Cumberland, PA

DeSanto Realty

Mackin Engineering

NAI CIR

—

3,714 s/f

Off.

Feb 12 FCC

4349 Carlisle Rd.

Hampden Twp., PA

—

NAI CIR

Pomeroy Computer

NAI CIR

—

2,400 s/f

Off.

Feb 12 FCC

3780 Trindle Rd.

Hampden Twp., PA

—

NAI CIR

Pines Distribution

NAI CIR

—

1,010 s/f

Off.

Feb 12 FCC

12875 Ferguson Vly. Rd. Burnham, PA

—

NAI CIR

Nivel Parts & Engineering

NAI CIR

—

18,000 s/f

Off.

Feb 12 FCC

6130 Old Jonetown Rd.

—

Howard Hanna RE

BA Properties

NAI CIR

—

11,850 s/f

Off.

Feb 12 FCC Feb 12 2C

Lwr. Paxton Twp., PA

606 N. 8th

Harrisburg, PA

Timothy Mines

Landmark

Skynet Holdings

Landmark

—

Off.

5 Capital

Camp Hill, PA

Szeles Real Estate

Landmark

FDIC

Landmark

—

4,582 s/f

Off.

Feb 12 2C

4999 Louise Dr.

Mechanicsburg, PA

Szeles Real Estate

Landmark

Konica Minolta

Landmark

—

3,317 s/f

Off.

Feb 12 2C

964 South George St.

York, PA

—

ROCK Commercial

Ability Prosthetics & Othrotics ROCK Commercial

—

2,880 s/f

Off.

Feb 12 4C

70-72 Cinema Dr.

York, PA

—

ROCK Commercial

Links2Care

ROCK Commercial

—

3,000 s/f

Off.

Feb 12 4C

1501 Mt. Rose Ave.

York, PA

—

ROCK Commercial

Marcos Tati, Jr.

ROCK Commercial

—

544 s/f

Off.

Feb 12 4C

555 Willow Springs Ln.

York, PA

—

ROCK Commercial

Perform Group

ROCK Commercial

—

18,800 s/f

Off.

Feb 12 4C

2000 Cliff Mine Rd.

Pittsburgh, PA

—

Massaro Props.

ReGear Life Sciences

CresaPartners

—

2,371 s/f

Off.

Feb 12 5C

4573 Cupbells Run Rd.

Pittsburgh, PA

—

Massaro Props.

Umberger Performance

Massaro Props.

—

8,231 s/f

Off.

Feb 12 5C

429 Forbes Ave.

Pittsburgh, PA

—

Massaro Props.

Glance & Assoc.

Massaro Props.

—

Off.

Feb 12 5C

Victory Rd.

Saxonburg, PA

—

Massaro Props.

BeamOne

Massaro Props.

—

24,200 s/f

Off.

Feb 12 5C

1187 Thor Run Ctr.

Coraopolis, PA

—

Massaro Props.

Lunova Group

Massaro Props.

—

Off.

Feb 12 5C

859 Missionary Dr.

Pittsburgh, PA

—

NAI Pittsburgh

Life Cycle Engineering

NAI Pittsburgh

—

3,364 s/f

Off.

Feb 12 7C

Abele Business Park

Pittsburgh, PA

—

NAI Pittsburgh

DiCloudio & Kramer

NAI Pittsburgh

—

2,078 s/f

Off.

Feb 12 7C

500 Bursca Ave.

Pittsburgh, PA

—

NAI Pittsburgh

Service Express

NAI Pittsburgh

—

3,000 s/f

Off.

Feb 12 7C

Donaldsons Crossroads

Pittsburgh, PA

—

NAI Pittsburgh

Eye Candy

NAI Pittsburgh

—

2,211 s/f

Off.

Feb 12 7C

350 Anchor Mill Rd.

New Castle, DE

—

Five Below

Harvey, Hanna & Assoc.

—

214,000 s/f

Off.

Feb 26 6A

18D — February 26 - March 11, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

MAREjournal.com

MAREJ OFFICE TRANSACTION REPORT 2010 AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL

Property Name

Seller/ Owner/ Lessor

Address

Rep. of Seller/ Lessor

Buyer/ Tenant/ Lessee

JANUARY 15 - DECEMBER 10, 2010 Rep. of Tenant/ Buyer

Price

Size

Desc.

S/L

Month

12001 Sunrise Valley Dr. Reston, VA

Penzance

CB Richard Ellis

Reston Association

CresaPartners

—

30,000 s/f

Off.

Feb 26 8A

746 Colfax Ave.

Iselin, NJ

—

SVN | Richter Grusd

Rotary Pen

SVN | Richter Grusd

$1.115m

13,269 s/f

Off.

Feb 26 19A

986 S. Springfield Ave.

Springfield, NJ

—

SVN | Richter Grusd

American Cancer Society

RE Strategies Corp.

$1.1m

7,600 s/f

Off.

Feb 26 19A

25 Vreeland Rd.

Florham Park, NJ

—

Bergman RE Group

MarketTools Inc.

Jones Lang LaSalle

—

8,000 s/f

Off.

Feb 26 3D

25 Vreeland Rd.

Florham Park, NJ

—

Bergman RE Group

Ciao Bella Gelato Co.

CB Richard Ellis

—

6,000 s/f

Off.

Feb 26 3D

25 Vreeland Rd.

Florham Park, NJ

—

Bergman RE Group

Linde, Hansen & Co

CB Richard Ellis

—

2,000 s/f

Off.

Feb 26 3D

399 Thornall St.

Edison, NJ

—

Cushman & Wakefield

US Shipping Partners

Cushman & Wakefield

—

13,000 s/f

Off.

Feb 26 6D

39 Hudson St.

Hackensack, NJ

HAMM Associates

NAI Hanson

Hudson Off. Associates

NAI Hanson

—

1,196 s/f

Off.

Feb 26 8D

Copper Ridge Center

Lyndhurst, NJ

Piedmont Realty Trust Newmark Knight Frank

Salov NA Corp.

—

9,504 s/f

Office

March 12 3B

201 Rte. 17

Rutherford, NJ

Onyx Equities

Newmark Knight Frank

Malo Consulting

Studley

—

16,000 s/f

Office

March 12 4B

112 Corporate Rd.

North Bruswick, NJ

—

Studler Cos.

Capacity

—

255,000 s/f

Office

March 12 4B

175 Park Ave.

Madison, NJ

—

Newmark Knight Frank

Verizon

—

209,014 s/f

Office

March 12 5B

2600 East Carson St.

Pittsburgh, PA

Goodwill

Burns & Scalo

—

Burns & Scalo

$6.5m

150,000 s/f

Office

March 12 FCC

190 Brodhead Rd.

Bethlehem, PA

—

NAI Summit

—

NAI Summit

$1.2m

10,700 s/f

Office

March 12 2C

90 S Commerce Way

Bethlehem, PA

—

NAI Summit

Mazza Helthcare

NAI Summit

$225k

6,400 s/f

Office

March 12 2C

5920 Hamilton Blvd.

Allentown, PA

—

NAI Summit

Hospice Preferred Choice

NAI Summit

$135k

2,100 s/f

Office

March 12 2C

296 Pleasant Acres Rd.

York, PA

—

THR & Assoc.

CBC Bennett Williams

—

4,500 s/f

Office

March 12 5C

68 West Main St.

Windsor, PA

Scott Allen Snyder

CBC Bennett Williams

Timothy Price

—

$157k

6,580 s/f

Office

March 12 5C

2100 East Market St.

Windsor, PA

Brenda Blaxland

CBC Bennett Williams

Travis & Kristen Woolley

CBC Bennett Williams

—

4,783 s/f

Office

March 12 5C

3115 N Front St.

Harrisburg, PA

Donald Smith

Landmark Comm’l.

—

Landmark Comm’l.

—

2,800 s/f

Office

March 12 14C

2-8 Washington St.

Morristown, NJ

Bank St. Inv. Ptrs

Marcus & Millichap

Penobscot Management

Marcus & Millichap

—

16,500 s/f

Off.

March 12 3A

The Ridgetop at Loudoun Sterling, VA Tech Ctr.

Bavar Props. Group

Lincoln Property

Neustar

Jones Lang LaSalle

—

92,000 s/f

Off.

March 12 5A

St. Agness Health Care Ctr.

Catonsville, MD

—

JAG Associates

NorthMarq Capital

$10.4m

80,293 s/f

Off.

March 12 5A

3202,3204,3206 Tower Oaks Blvd.

Montgomery Cty., MD

The Realty Assoc. Fund McShea & Co.

—

$22.5m

135,664 s/f

Off.

April 9 4A

1655 Valley Rd.

Wayne, NJ

Prism Ptrs/ New Boston Fund

UPS

Resource Realty

—

118,000 s/f

Off.

April 9 3B

Newmark Knight Frank

The Offices at MetroPark Iselin, NJ

—

Tishman Speyer

CBS

FirstService Williams

—

86,000 s/f

Off.

April 9 4B

1 Sylvan Way

Parsippany, NJ

—

Mack-Cali

LEO Pharma

CB Richard Ellis

—

12,654 s/f

Off.

April 9 4B

900 North 6th St.

Harrisburg, PA

Third Forrest Ptrs.

PRC Commercial

Triple J. Assoc.

Prudential Home Sales Grp. $795K

13,240 s/f

Off.

April 9 FCC

5405 Jonestown Rd.

Harrisburg, PA

—

Landmark Commercial

—

Landmark Commercial

—

Off.

April 9 4C

2000 Hamilton St.

Philadelphia, PA

Rodin Place

NKFSM

Rittenhouse Eye Assoc.

NKFSM

—

7,800 s/f

Off.

April 9 7C

2000 Hamilton St.

Philadelphia, PA

Rodin Place

NKFSM

Communities In Schools

NKFSM

—

20,974 s/f

Off.

April 9 7C

2000 Hamilton St.

Philadelphia, PA

Rodin Place

NKFSM

Adolescent Medicine

PernaFrederick

—

1,300 s/f

Off.

April 9 7C

Astrum Solar

NAI Mertz

—

5,976 s/f

Flex

April 9 7C

705 General Washington Norristown, PA

The Buccini Pollin Grp Beacon Comm’l.

1 Belmont Ave.

Bala Cynwyd., PA

Maguire Ptrs.

Beacon Comm’l.

Nancy Eznold

NAI Geis

—

2,457 s/f

Off.

April 9 7C

Chesterbrook Corp Ctr.

Wayne, PA

—

Cushman & Wakefield

Aztec Solar Power

Beacon Comm’l.

—

9,088 s/f

Off.

April 9 7C

29 Bala Ave.

Bala CynWyd., PA

—

Prime RE

Catholic Medical Assoc.

Beacon Comm’l.

—

1,187 s/f

Off.

April 9 7C

1065 Pines Rd.

Newberry Twp., PA

—

High Assoc.

A. Kaschock

High Assoc.

—

Off.

April 23 3A

Patuxent Woods Dr.

Columbia, MD

Liberty Property Trust —

Sourcefire

Commercial RE Svcs.

—

58,000 SF

Off.

April 23 11A

701 Pennsylvania Ave.

Washington, DC

Beacon Props.

Cassidy & Pinkard

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Studley

—

55,000 SF

Off.

April 23 13A

8300 Greensboro Dr.

Washington, DC

Quadrangle

Studley

Williams Mullen

Studley

—

4616 SF

Off.

April 23 13A

44 Hersha Dr.

Harrisburg, PA

44 Harrisburg Assoc.

RSR Realtors

—

RSR Realtors

—

4,230 s/f

Off.

May 14 3A

145 Wykoff Rd.

Eatontown, NJ

Sitt Asset Management Zimmel Assoc.

Osteocare LLC

Zimmel Assoc.

$4m

—

Off.

May 14 4A

401 White Horse Rd.

Voorhees, NJ

—

Grubb & Ellis

Harris School of Business

Grubb & Ellis

—

18,150 s/f

Off.

May 14 4A

Wheatland Marketplace

Naperville, IL

—

AthletiCo Physical Therapy

Tucker Dev. Corp.

—

2,400 s/f

Off.

May 14 4A

Parkridge Center Five

Reston, VA

—

Penzance

GCE

CresaPartners

—

34,000 s/f

Off.

May 14 10A

6660 Security Blvd.

Woodlawn, MD

Atlantic Realty Co.

Blue & Obrecht Realty

—

1,246 s/f

Off.

May 14 10A

6710 Whitestone Rd

Woodlawn, MD

Colony Realty Partners Blue & Obrecht Realty

—

Gold & Company

—

14,006 s/f

Off.

May 14 10A

101 Park Ave.

Seaford, DE

—

L&L Company

SVN-Miller

—

15,000 s/f

Off./Whse.

May 14 10A

The Wyomissing Corp Ctr Wyomissing, PA

—

NAI Keystone

—

10,810 s/f

Off.

May 14 12D

140 Ethel Rd.

Piscataway, NJ

—

Denholtz Assoc.

Sigma Impex, Eshophic

Denholtz Assoc.

—

109,258 s/f

Off.

June 11 4B

804 East Gate Dr.

Mt. Laurel, NJ

—

NAI Mertz

—

54,900 s/f

Off.

June 11 6B

708 Fellowship Rd.

Mt. Laurel, NJ

—

NAI Mertz

—

34,178 s/f

Off.

June 11 6B

500 Pedricktown Rd

Mt. Laurel, NJ

—

KBS Trucking

NAI Mertz

—

30,620 s/f

Off.

June 11 6B

200 International Dr.

Mt. Olive, NJ

—

CB Richard Ellis

—

Cushman & Wakefield

—

65,000 s/f

Off.

June 11 8B

Hillsborough Business Ctr Hillsborough, NJ

Larken Assoc.

Raider Realty

—

Off.

June 11 12B701

Lee Rd.

Pitcairn Props.

CB Richard Ellis

1&1 Internet Providers

—

26,500 s/f

Off.

June 11 3C

Chesterbrook, PA

19D — February 26 - March 11, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

MAREjournal.com

MAREJ OFFICE TRANSACTION REPORT 2010 AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL

Property Name

3604 Horizon Dr.

Seller/ Owner/ Lessor

Address

King of Prussia, PA

Rep. of Seller/ Lessor

Buyer/ Tenant/ Lessee

JANUARY 15 - DECEMBER 10, 2010 Rep. of Tenant/ Buyer

Price

Size

Desc.

S/L

Month

Liberty Property Trust Liberty Property Trust

Tosoh Bioscience

—

13,493 s/f

Off.

June 11 4C

815-817 Cumberland St Lebanon, PA

Granite Prop. Profs

NAI CIR

Nationwide Housing Mgmt

NAI CIR

—

1,187 s/f

Off.

June 11 5C

887 Clare Ln.

York, PA

—

ROCK Commercial

Prizm Vinyl

ROCK Commercial

—

600 s/f

Off.

June 11 14C

21374 Embassy Dr.

Lancaster, PA

William Harnish Trust NAI Commercial

American Home Life

NAI Commercial

—

2,000 s/f

Off.

June 11 14C

3001 Emerick Ave..

Bethlehem, PA

—

Team Capital Bank

NAI Summit

—

12,000 s/f

Off.

June 11 17C

750 Holiday Dr.

Grenntree, PA

—

Burns & Scalo

DLA+Architecure

—

3,810 s/f

Off.

June 11 17C

Penn Corporate Center

Bethlehem, PA

Penn Corporate Center NAI Summit

Team Capital Bank

NAI Summit

$1m

12,000 s/f

Off.

July 9 4A

Dollar General

GOODMAN, MO

—

Marcus & Millichap NJ

$770k

9,014 s/f

Off.

July 9 4A

One Jericho Plaza

JERICHO, NY

One-Two Jericho Plaza The Rochlin Org.

Kintetsu World Express U.S.A NAI Long Island

—

15,004 s/f

Off.

July 23 6A

—

New Cumberland, PA Management LLC

DRG Yellow Breeches RSR Realtors

Unilife Medical Solutions

NAI CIR

—

12,615 s/f

Off/Whse

July 23 6A

The Green at Florham Pk Florham Park, NJ

Rockefeller Group

BASF

—

325,000 s/f

Off

July 23 FC-B

BroadAcres Office Park

Bloomfield, NJ

Prism Capital Partners Prism Capital Partners

—

United Realty Advisors

—

26,000 s/f

Off

July 23 FC-B

BroadAcres Office Park

Bloomfield, NJ

Prism Capital Partners Prism Capital Partners

ARMDS

CBRE

—

8,800 s/f

Off

July 23 FC-B

BroadAcres Office Park

Bloomfield, NJ

Prism Capital Partners Prism Capital Partners

Atlantic Tomorrows Office

Cushman & Wakefield

—

5,800 s/f

Off

July 23 FC-B

—

Marcus & Millichap NJ

—

BroadAcres Office Park

Bloomfield, NJ

Prism Capital Partners Prism Capital Partners

Bucceri & Pincus, Esqs.

25 E. Salem St

HACKENSACK, NJ

East Salem 2001

NAI Hanson

Bsafe Information Systems NAI Hanson

—

3,400 s/f

Off

July 23 FC-B

—

1,551 s/f

Off

July 23 5B

2422 South Queen St.

York, PA

—

ROCK

Gastroenterology Associates ROCK

—

2,896 s/f

Off

July 23 FC-C

2351 Freedom Way.

York, PA

—

Chesapeake Mtg Funding

—

2,160 s/f

Off

July 23 FC-C

1934 Security Dr.

York, PA

—

ROCK

Rivas Medical Weight Loss —

—

1,260 s/f

Off

July 23 FC-C

11 East Market St.

York, PA

—

ROCK

All Stiles Real Estate, LLC

ROCK

—

675 s/f

Off

July 23 FC-C

One West Market St.

York, PA

—

ROCK

Bureau Veritas North America ROCK

—

294 s/f

Off

July 23 FC-C

105 Gateway Square

Mechanicsburg, PA

Gateway Square Assoc. Metro Commercial

Wolf Furniture

—

45,567 s/f

Off

July 23 3C

Rock

NAI CIR

1300 Linglestown Rd.

Susquehanna Twp., PA

Laurel Points Assoc

The Bill Gladstone Grp

Handler, Henning & Rosenberg The Bill Gladstone Group

—

7920 s/f

Off

July 23 3C

6380 Flank Dr.

Lower Paxton Twp Partnership

Gateway General

Bill Gladstone Group

Lorom Americ

Bill Gladstone Group

—

4615 s/f

Off

July 23 3C

3500 Market St.

Hampden Twp, PA

Morefield Comm

NAI CIR

Post Acute Medical

—

3291 s/f

Off

July 23 3C

810 Sir Thomas Court

Harrisburg, PA

Sir Thomas Prof Ste

Landmark Commercial

The Partners In Womens

CAMPBELL

—

6500 s/f

Off

July 23 4C

Healthcare, PC Veterans

Harrisburg, PA

—

RSR Realtors

R.E. Harper & Associates

Landmark

—

14232 s/f

Off

July 23 4C

Northwestern Mutual

—

$305 m

589,000 s/f

Off

August 13 3A

Two Constitution Square Washington, D.C.

StonebridgeCarras and Cassidy Turley Walton Street Capital

Randolph Square

Washington, D.C.

—

189,891 s/f

Off

August 13 5A

1500 Walnut Street

Philadelphia, PA

1500 Walnut Enterprises Binswanger

—

Home Care Associates

PernaFrederick

—

18000 s/f

Off

August 13 13A

1600 Market Street

Philadelphia, PA

1600 Market Street Property Trust

NAI Geis

Ryan Brown Berger & Gibbons, P.C.

PernaFrederick

—

4,758 s/f

Off

August 13 13A

2000 Market Street

Philadelphia, PA

CBRE Investors

NKSM

Lassiter & Associates

PernaFrederick

$550,000

2,851 s/f

Off

August 13 13A

North American Bldg

Philadelphia, PA

DR North American

PernaFrederick

Joseph Q. Mirarchi Legal

PernaFrederick

—

2,231 s/f

Off

August 13 13A

150 Mount Bethel Rd.

Warren, NJ

—

Cushman & Wakefield

The Hampshire Cos

—

129,000 s/f

office/flex

August 13 2B

222 Mt. Airy Rd.

Basking Ridge, NJ

Mack-Cali

CBC Feist & Feist Realty

Bevan Mosca Guiditta Zarillo, PC

Realty Network

—

9,085 s/f

Off

August 13 4B

One Meadowlands Plaza East Rutherford, NJ

CBRE Investors LLC.

CBRE

CMA CGM (America) LLC

Studley

—

8,839 s/f

Off

August 13 4B

100 Route 206 North

PEAPACK, NJ

Hamilton Associates

CBRE

Pharmacia & Upjohn Co

—

$23m

518,000± s/f

Off

August 13 5B

615 Hope Rd.

Eatontown, NJ

Bertram Associates

—

Systems 3000

Grubb & Ellis

—

7000 s/f

Off

August 13 5B

303 W. Main St.

Freehold, NJ

Onyx Equities, LLC

Sitar Co

Liberty Mutual Insurance Co CresaPartners

—

11,881 s/f

Off

August 13 6B

754 Rte. 18

East Brunswick, NJ

—

Loving Care Agency

NAI Hanson

—

2,944 s/f

Off

August 13 6B

101 Hudson St.

Jersey City, NJ

Mack-Cali

—

NUFIC

Cushman & Wakefield

—

270,000 s/f

Off

August 27 FC-B

915 Secaucus Rd

Secaucus, NJ

Hartz Mountain Inds

Production Resource Group Cushman & Wakefield

—

220,000 s/f

Off/Whse

August 27 FC-B

235 East Market St.

York, PA

—

ROCK

Bridge of Hope

ROCK

—

732 s/f

Off

August 27 3C

190 Canal Rd.

York, PA

—

ROCK

Treasures of Heaven Church ROCK

—

6,493 s/f

—

August 27 3C

2101 Embassy Dr.

Lancaster, PA

Global Beverage Group CBRE

SSL Real Estate, LLC

NAI Commercial Partners

—

5167 s/f

Off

August 27 3C

20 Erford Rd.

Lemoyne, PA

Linlo Properties.

Landmark

DDPC, LLC

—

Off

August 27 4C

20 Erford Rd.

Lemoyne, PA

Linlo Properties.

Landmark

Theresa A. King-Tyrrell

—

Off

August 27 4C

5860 Trinity Parkway

Centreville, VA

Trinity Centre Two

Grubb & Ellis

Carfax, Inc

Millennium Realty Advisors —

77,620 s/f

Off

Sept 10 5A

Rappahannock Building

Tysons Corner, VA

—

COPT

—

$40m

152,000 s/f

Off

Sept 10 7A

300 M St., SE

Washington, DC

Federal Center LP

Grubb & Ellis Co

Lockheed Martin Corp

—

73,808 s/f

Off

Sept 10 8A

Metro-Plex I and II

LANDOVER, MD

Meritage Properties

Cushman & Wakefield

2Tor, Inc.,

CBRE

—

79,209 s/f

Off

Sept 10 8A

Somerset Grove Corp. Ctr. Somerset, NJ

—

NKF Capital Grp.

—

430,000 s/f

Off

Sept 10 3B

Eisenhower Corp Campus Livingston, NJ

Eastman Companies

Garibaldi Group

Acorn Financial Services

—

20,000 s/f

Off

Sept 10 4B

407-425 Main St.

Skylands Comm Bank NAI Hanson

DeSapio Properties

NAI Hanson

—

21,559 s/f

Off

Sept 10 5B

Chester, NJ

20D — February 26 - March 11, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

MAREjournal.com

MAREJ OFFICE TRANSACTION REPORT 2010 AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL Address

Seller/ Owner/ Lessor

River Drive II

Elmwood Park, NJ

Accordia Realty

Newmark Knight Frank

Keyence Corp of America

Acclaim Group

—

20,000 s/f

Off

Sept 10 14B

River Drive II

Elmwood Park, NJ

Accordia Realty

Newmark Knight Frank

USI

Cushman & Wakefield

—

combined

Off

Sept 10 14B

Bar Mill Bldg.

Fairless Hills, PA

KIPC

NAI Global, NAI Mertz

CSC Sugar

—

161,000 s/f

Ind

Sept 10 FC-C

101 W. City Ave

Bala Cynwyd, PA

DLMR

Beacon

Goodman Properties

CB Richard Ellis

—

85,000 s/f

Off

Sept 10 2C

One Bala Ave.

Bala Cynwyd, PA

—

Beacon

Kelly Teti Associates

—

2,493 s/f

Off

Sept 10 2C

Spring Mill Corp Center

Conshohocken, PA

—

IT4 Group

Beacon

—

1,425 s/f

Off

Sept 10 2C

55 Business Center Dr.

Horsham, PA

—

The Eminent Group

Beacon

—

1,209 s/f

Off

Sept 10 2C

3 Bala Plaza

Bala Cynwyd, PA

—

MedLaw Guard

Beacon

—

870 s/f

Off

Sept 10 2C

915 Montgomery Ave

Narberth, PA

—

Therapy Solutions

Beacon

—

2200 s/f

off

Sept 10 2C

Glenmaura Plaza

Moosic, PA

Glenmaura Plaza

Hinerfeld

TMS Health

—

11,000 s/f

Off

Sept 10 3C

145 Cape Horn Rd.

Red Lion, PA

—

LMS Comm’l.

Memorial Enterprises

ROCK

—

3,200 s/f

Off

Sept 10 5C

507 Market St.

Camp Hill, PA

Linlo Properties

Landmark

NTB Properties

—

Off

Sept 10 6C

3425 Simpson Ferry Rd

Lower Allen Twp.,

Pennsylvania Center

NAI CIR

Vision Mortgage Capital

NAI CIR

—

1,610 s/f

Off

Sept 10 7C

4076 Market St.

Hampden Twp., PA

4076 Market Street

The Bill Gladstone Group

Healthy Harrisburg

The Bill Gladstone Group

—

462 s/f

Off

Sept 10 7C

Park West Two

Pittsburgh, PA

Massaro Properties

iGate

Massaro Properties

—

1,752 s/f

Off

Sept 10 16C

479 Thomas Jones Way Exton, pA

—

Lieberman Earley

Dunn Twiggar Co.

—

50000 s/f

Off

Sept 10 16C

806 S. 29th St.

Harrisburg, PA

Catholic Diocese

RSR Realtors

Buck and Julie Nye

RSR Realtors

—

6,000 s/f

Off/Retail

Sept 10 16C

3819 Market St.

Camp Hill

3817 Associates

—

RHR Limited

—

1,640

off

Sept 10 16C

109 Park Dr.

Montgomeryville, PA

Mammana Family

NAI Mertz

Michael J. Linus

—

24,000 s/f

Off

Sept 24 4A

190 Moore St.

Hackensack, NJ

—

NNJLS

NAI Mertz

—

12,000 s/f

Off

Sept 24 4A

3600 Crondall Ln.

Owings Mills, MD

Cronhill, LLC

Blue & Obrecht

Medifast

Preston Ptrs

—

17,022 s/f

off

Sept 24 8A

The Farragut Bldg.

Washington, DC

ING Clarion Ptrs

Cassidy Turley

Generali Group

Falcon RE Investment

$93k

146,648 s/f

Off

October 8 3A

—

Lieberman Earley & Co

Dunn Twiggar

—

50,000 s/f

Off

October 8 6A

Property Name

479 Thomas Jones Way Exton, PA

Rep. of Seller/ Lessor

Buyer/ Tenant/ Lessee

JANUARY 15 - DECEMBER 10, 2010 Rep. of Tenant/ Buyer

Price

Size

Desc.

S/L

Month

2, 4 and 6 Brighton Rd.

Clifton, NJ

LNR Partners

Newmark Knight Frank

A KABR Group

—

163,000 s/f

Off

October 8 FC-B

Oakhurst Plaza

Swatara Twp. PA

Cedar-Oakhurst LLC

NAI CIR

HCC

NAI CIR

—

2,000 s/f

Off/Retail

October 8 3C

West Shore Office Park

Mechanicsburg, PA

Tower Properties

Landmark

Rescue Link

—

Off

October 8 4C

Weinstein Realty

Colliers Int’l.

Integrity Staffing Solutions

—

3,700 s/f

Off

October 8 13C

Green Hill Commerce Ctr Allentown, PA Green Hill Commerce Ctr Allentown, PA

Weinstein Realty

Colliers Int’l.

Legacy Christian Church

—

October 8 13C

—

Elizabeth, NJ

—

Kislak

—

$1.9m

18,360 s/f

Off

October 22 2A

1818 N St

Washington, DC

The Lenkin Companies CB Richard Ellis

ASEE

Newmark Knight Frank

—

16,637 s/f

Off

October 22 4A

12011 Sunset Hills Rd.

Reston, VA

Boston Properties

STG, Inc.

Grubb & Ellis

—

100,000 s/f

Off

October 22 6A

Boston Properties

300 Business Ctr Dr

Pittsburgh, PA

—

Massaro Properties

Hull

Jones Lang LaSalle

—

4,300 s/f

Off

October 22 6A

Twin Towers

Pittsburgh, PA

—

Massaro Properties

Medallion Analytics

—

1,369 s/f

Off

October 22 6A

Maritime Plaza I and II

COLUMBIA, MD

—

COPT

—

$119m

362,000 s/f

Off

October 22 10A

10320 Southard Dr.

Beltsville, MD

—

SVN/Skogmo

Smith Family Development

NAI/The Michael Cos

$1.05m

9,800 s/f

Off/Whse

October 22 10A

12310 Sunrise Valley Dr. Reston, VA

Boston Properties Affordable Housing

Cassidy Turley

GSA

GSA, CBRE

—

523,482 s/f

Off

October 22 10A

5 W. Aylesbury Rd.

BALTIMORE, MD

Diversified Investment Cushman & Wakefield

PCA

Cushman & Wakefield

—

75,749 s/f

Off/Whse

Nov 12 4A

—

Hasbrouck Heights, NJ

—

Marcus & Millichap NJ

$2.25 m

18,608 s/f

Off

Nov 12 13B

1655 Valley Road

WAYNE, NJ

Prism Capital Partners Prism Capital Partners

UPS

Resource Realty

—

120,000 s/f

Off

Nov 12 13B

75 W. Governor Rd.

Derry Twp., PA

475 Associates

NAI CIR

Cocoa Urology Associates

NAI CIR

—

1000 s/f

Off

Nov 12 5C

4242 Carlisle Pike

Hampden Twp., PA

PNC Bank

Bill Gladstone Group

BL Cos.

Bill Gladstone Group

—

6,498 s/f

Off

Nov 12 5C

11 West Market St.

York, PA

—

ROCK

RGW Notary Services

ROCK

—

150 s/f

Off

Nov 12 6C

One West Market St.

York, PA

—

ROCK

Jose Colon

ROCK

—

800 s/f

Off

Nov 12 6C

1681 Kenneth Rd.

York, PA

—

ROCK

Jeffrey Kauffman, DPM

ROCK

—

1,470 s/f

Off

Nov 12 6C

3809 Paxton St

Harrisburg, PA

—

Grubb and Ellis

PA Home Solutions

ROCK

—

2,582 s/f

Off

Nov 12 6C

927 West Hamilton St.

Allentown, PA

927 West Hamilton St Berger-Epstein AssoC

THE PROGRAM

The Frederick Group

—

6,000 s/f

Off

Nov 12 6C

Commerce Towers

Harrisburg, PA

Select Capital Comm’l. Landmark

Ceisler Jubelirer

Landmark

—

1,322 s/f

Off

Nov 12 7C

Commerce Towers

Harrisburg, PA

Select Capital Comm’L. Landmark

Chesapeake Land Dev. Co.

Cushman Wakefield

—

5,192 s/f

Off

Nov 12 7C

—

4811 Jonestown Rd.

Harrisburg, PA

OLS Partners LP

Stand Out Designs

—

943 s/f

Off

Nov 12 7C

105 N. Front St.

Harrisburg, PA

Earl & Barbara Etzweiler Landmark

Landmark

Al Betz and Associates

Landmark

—

Off

Nov 12 7C

2711 Jefferson Davis Hwy Arlington, VA

Airport Plaza Office Building L.P.

Gibbs & Cox

Cassidy Turley

—

29,144 s/f

Off

Nov 26 5A

Convergence Center IV

Virginia Beach, VA

Olympia Development —

Towne Insurance Group

—

19,000 s/f

Off

Nov 26 5A

Princess Anne Ind Pk

Princess Anne, MD

—

Northrop Grumman

Sperry Van Ness-Miller

—

53,000 s/f

Off

Nov 26 7A

1424 K St. NW.

Washington, DC

Douglas Development —

Habitat for Humanity

—

5,800 s/f

Off

Nov 26 12A

Konterra Realty, LLC

—

Inside Back Cover D — February 26 - March 11, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal MAREjournal.com

3320 HAMILTON BLVD., ALLENTOWN, PA 2551 BAGLYOS CIRCLE, BETHLEHEM, PA 3,100+ SF unit has large display window for potential showroom use and of¿ce ¿nish for professional uses. Additional features include: Prominent signage for optimum visibility, Àexible Àoor plan, on-site parking, I-78 exit within 1/3 mile, upscale demographic pro¿le, high traf¿c count.

Asking: $12.00 per SF Net (3)

3,000 SF Class “A” of¿ce available, energy ef¿cient HVAC, ADA compliant, all municipal services and natural gas, plug and play ready for immediate occupancy. Conveniently located in LVIP VI, ¼ mile from Rte 22 & Rte 33.

Lease and Sale Terms Offered

951 MARCON BLVD., ALLENTOWN, PA 949 SUMNER AVE., WHITEHALL, PA

Make your business card work as hard as you do

9,400 SF former day care space can be subdivided. Features include: Lehigh Valley Industrial Park setting, within ¼ mile of the ABE regional airport and Rte 22 Exit, zoned heating controls, generous parking ratio, well maintain property, and Àexible Àoor plan. Aggressive Lease Terms Offered

Up to 9,032 SF available in 3 contiguous sections. Features include: Individual entrances, clear span units, on-grade 14’ drive-in doors, small of¿ce areas, newly renovated space within 1.5 miles of Rte 22 exit. Ideal for: Medical product supplier, wholesale business, veterinarian practice, etc. Ask for complete list of permitted uses.

2225 AVE. A, LVIP I, BETHLEHEM, PA

70 HILTON ST., EASTON, PA

5,000 SF front of¿ce area available with an unbeatable sublease rate of: $6.25 PSF Net (3), high parking ratio, close to two Rte 22 exits. Turn-key condition.

Ideal for Non-Pro¿ts and Start-Up Businesses

Lease & Sale Terms Offered

16,000 SF available in this new construction, masonry block, metal panel building ready for delivery in Spring 2011. Full public utilities, 3 phase 1200 amp electric service, truck court, up to 7 truck docks, 20’ clear height ceilings, individual tenant entrance.

Lease rate of $6.00 PSFNet (3)

ETING K R A /M

e info

for mor

man t s i r h C da Call Lin 062

4-1 8 5 0 0 8 98 nal 2 5 1 7 781-8 Real Estate Jour

tic n a l t Mid A

If you do not have a business card readily available, our art department will design one for you at no extra charge!

1601 UNION BLVD., ALLENTOWN, PA 4144 W. TILGHMAN ST., VILLAGE SQUARE CTR., ALLENTOWN, PA 3-story brick and concrete panel off. bdg. of

1,750 SF unit in this upscale comm'l. 88,747 SF & a 10,400 SF single story freecenter. Features include: Prominent standing bldg. available. 3-story bldg. offers 3 phase electric 120/208 volt, gas forced air heat, tenant signage with optimum visibility, loading platform and 2 drive-in doors. Single ample on-site parking, daily traf¿c count in excess of 25,000 cars, large display story bldg. is currently leased by day care window, several permitted uses. center Within 1.5 miles of Rte 22 via Airport Rd.

Lease and Sale Terms Offered

Occupancy by Spring 2011

MAREjournal.com

Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 26 - March 11, 2011 — Back Cover D