PernaFrederick Brokers Three Lease Renewals at North American Building for 18,206 SF Worth $2.2 Million
PHILADELPHIA, PA — PernaFrederick Commercial Real Estate has represented ADR North American, L.P., the owner of the North American Building at 121 South Broad Street here, in the negotiation of three lease renewals for approximately 18,206 square feet of space in that 21-story building that have a combined aggregate rental exceeding $2.2 million.
Joe Viturello, a vice president at PernaFrederick, brokered all of the renewal contracts.
In the largest of the extensions, the Urban League of Philadelphia renewed it lease of some 9,700 square feet on the 9th and 10th floor of 121 South Broad. Brian Edmounds, a broker with Concordis Advisors, cooperated with PernaFrederick and represented the Urban League in finalizing the terms of the renewal.
According to Viturello, the aggregate rental of the lease extension exceeds $1.4 million.
The Urban League of Philadelphia is an affiliate of the National Urban League, a historic civil rights organization dedicated to economic empowerment in order to elevate the standard of living in historically underserved urban communities. Nearly 100 local affiliates in 36 states and the District of Columbia, provide direct services that impact and improve the lives of more than two million people nationwide.
In the second renewal, Shein Law Center, a legal firm that specializes in representing clients suffering from the consequences of asbestos exposure, extended its lease of approximately 6,610 square feet on the 21st floor of 121 South Broad. Andrew Margolis, the principal of A. Margolis Realty in Philadelphia, cooperated with PernaFrederick and represented Shein Law Center in finalizing the terms of the renewal.
In the third agreement, the Philadelphia Musicians’ Union Local 77 of the American Federation of Musicians extended its lease for approximately 1,726 square feet on the third floor of the North American Building.
