Small-Space Tenants Absorb 16,891 SF in Bala Cynwyd

BALA CYNWYD, PA-In eight separate transactions, small-space office tenants significantly raise occupancy at two class A properties here. Gene McHale, a principal at Conshohocken, PA-based Beacon Commercial Real Estate, participated in all of the transactions.

In three leases for an aggregate 6,512 sf, One Bala Ave., the five-story, 43,840-sf building here becomes 98% leased. Five leases aggregating 10,379 sf, take One Belmont Ave. to 86% occupancy.

With a four-year agreement, Aspen Financial opens a 2,943-sf mortgage and home loan office at One Bala Ave. McHale represented the owner, One Bala Ave Group, and was the sole agent for the transaction. Without disclosing the value of the lease, McHale says space in the building is offered at $24 per sf.

Einstein Practice Plan, an Ob/Gyn medical practice, leased 1,988 sf for six years. Lisa Berger of locally based Berger Baskin Real Estate represented Einstein in negotiations with McHale. Dr. David Goldberg renewed for 1,581 sf on the building’s first floor, and McHale was the sole broker.

In the largest of the five leases at One Belmont Ave., a current tenant, Hamilton Advisors, added 2,931 sf to its existing lease, which encompasses the full ninth floor of the building. McHale, who represents Maguire & Partners Property Group, the owner, was the sole broker in this transaction.

He is also sole broker for an 833-sf lease for Beale Consultants; for Girard Finance Co.’s 1,369-sf lease renewal in the building, and for the Administration of PA Courts’ renewal of its 2,807-sf on the eighth floor. Orthodontic Center of America inked a new lease for 2,439 sf on the fourth floor. Russ Menk of the local office of CB Richard Ellis represented the tenant in negotiations with McHale.