Regus Inks $8M Lease at One Liberty Place

PHILADELPHIA-Regus, a provider of outsourced workspace, signed a lease for 24,697 sf on the 36th floor of One Liberty Place, the 61-story trophy tower at 1650 Market St. The term is for 12 years and six months, and the aggregate value is approximately $8 million.

This represents an expansion in Center City for UK-based Regus, which already has offices at 1500 Market St., where it occupies about 22,000 sf, Adriano Calvanese, senior associate in the local office of CB Richard Ellis, tells GlobeSt.com. “This means the company is more than doubling its space here, and it also suggests further positive absorption to the Philadelphia CBD, because Regus is catering to more clients looking for immediate and temporary space downtown.”

Calvanese and George Cauffman, CBRE SVP, represented Regus in the transaction. Bill Hirschfeld, senior director, and Sun Park, associate in the local office of Cushman & Wakefield, represented the building owner, identified only as Philadelphia Liberty Place LP.

Hirschfeld tells GlobeSt.com the 1.2-million-sf building is now 80% leased. The asking rental rate ranges between $28 per sf and $30 per sf, plus electric, depending on the floor, he says. Among the current tenants are the White & Williams and Reed Smith law firms, the Glenmede Trust Co., Salomon Smith Barney, Merrill Lynch and JP Morgan Chase. The Regus lease begins Dec. 1.

Regus has 750 locations in 350 cities in 60 countries. One Liberty was completed in 1987 and is the tallest office building in the state, a distinction it will relinquish with the completion of Comcast Center next year.