Friday, December 26, 2014

New Blue Bell office owner cuts rents

$16.50/sq ft at Corvest's Valley Square

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.

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

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

Joseph N. DiStefano
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