L.F. Driscoll has signed a lease to relocate its offices in
Bala Cynwyd, Pa., and that has triggered a decision to sell the building from
which it’s moving.
The construction company signed a long-term lease on 20,000
square feet at 401 City Ave. and will leave from 9 Presidential Blvd., also in
Bala Cynwyd.
An affiliate of the Driscoll family owns the two-story,
27,000-square-foot building on Presidential Boulevard that the company vacated.
No asking price has been put on the property, which is being marketed jointly
by Scott Gabrielsen of Binswanger and Jim Dugan of Newmark Grubb Knight Frank.
“We’re marketing it to a user, buyer or developer,”
Gabrielsen said. “It will be one of the first development opportunities to take
advantage of the new special overlay district.”
The overlay zoning promotes denser, mixed-use development
along the City Avenue corridor that is more transit oriented and pedestrian
friendly.
Gabrielsen, who also arranged Driscoll’s lease at 401 City
Ave., said another pending 15,000-square-foot deal at the building is in the
works. Once completed, that will mean the 400,000-square-foot office property
will be fully leased.
Source: Philadelphia
Business Journal
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