Sunday, July 5, 2015

Lockheed, Catalent empty S. Jersey space

But PHH, Freedom Mortgage are taking new space

Lockheed, Catalent empty S. Jersey space

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(Update with Horizon comment below) "2013 will be a year of continued challenges" for South Jersey corporate employment and office landlords, says Wolf Commercial Real Estate LLC in its fourth-quarter market report.

"Lockheed Martin plans to vacate 75,000 sq ft in Cherry Hill, Catalent Pharma will be vacating 85,000 sq ft in Mount Laurel on Commerce Parkway, and man other mid-size users have announced additional downsizing. [Horizon] Blue Cross/Blue Shield is also rumored to vacate their Mount Laurel facility in 2014."

UPDATE: "Horizon plans to continue its current lease at our Mt. Laurel location. We have no plans to vacate this location," says Horizon spokesman Thomas Vincz.

Wolf also noted good news, like recent new or expanded leases for loan processors Freedom Mortage Corp. and PHH Mortgage as home lending recovers.

Generally, Burlington County offices have lower vacancies than in Camden Couny, Private buyers like Tequesta Properties, Keystone Property Group, Somerset Properties and Mackshacks LLC (Hill Properties) have been buying South Jersey office parks as institutional investors like Liberty Property Trust, Brandywine Realty Trust and Mack-Cali pull out.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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