New Blue Bell office owner cuts rents

Philadelphia investor Michael Corenzwit's Corvest Realty Group is "rocking the market" by cutting rents to the "competitive new price' of $16.50/sq ft, vs. the "low to mid $20s" for other properties in the market, says Dan Dagit, broker for CBRE Group Inc. at Corvest's Valley Square Office Park, Blue Bell, near Plymouth Meeting and the Pa. Turnpike crossover.

Corvest bought the five-building, largely-vacant, 294,000 sq ft complex for a reported $8.5 million -- cheap enough that it can cut rents while still pledging $10 million for lobby and air conditioning renovations and landscaping.