PernaFrederick Brokers One New Lease; One Renewal Totaling 19,310 SF of Center City Office Space Worth $3.3 Million

PHILADELPHIA, PA — PernaFrederick Commercial Real Estate has negotiated one new lease and one long-term renewal for approximately 19,300 square feet of Center City space that have a combined aggregate rental exceeding $3.3 million.

Joe Viturello, a vice president at PernaFrederick, arranged the terms of both agreements.

In the largest space contract, Viturello represented 1608 Walnut Street Associates, the limited investment partnership that owns 1608 Walnut Street, in renewing a lease for approximately 11,461 square feet on the 18th floor of the building that is occupied by the University of the Arts.

Greg Soffian, a senior vice president with Savillis Studley, cooperated with PernaFrederick and represented the University of the Arts in finalizing the terms of the renewal. The University established its offices at 1608 Walnut Street in 2005 and the renewal will continue that presence to the middle of the next decade.

According to Viturello, the aggregate value of the lease extension was approximately $2.5 million.

Representing Bayada Home Health Care, Viturello negotiated a lease for 7,850 square feet on the 4th floor of 2133 Arch Street to provide for the expansion and relocation of Bayada’s offices presently at 2401 Walnut Street in Philadelphia. That move is scheduled for August of this year.

Brokers Andrew Margolis and Alex Feinberg at A. Margolis Realty represented Pen Del College Avenue, L.P., the owner of 2133 Arch Street, in finalizing the multi-year lease that has an aggregate rental exceeding $776,700.