Law Firm Inks $4M Lease at One Penn Center

PHILADELPHIA-The law firm of Naulty, Scaricamazza and McDevitt LLC has renewed and expanded to 16,361 sf at One Penn Center. The aggregate value of the lease is “in excess of $3.5 million,” Ken Clyman, office properties advisor in the local office of Grubb & Ellis, tells GlobeSt.com while declining to disclose the lease terms.

Clyman and Wayne Fisher, Grubb SVP and director, negotiated the deal for the tenant, while David Jarjisian and Mitch Marcus of the local office of CB Richard Ellis represented the building owner, Realex Capital. The law firm’s presence in the 20-story building at 1617 JFK Blvd., dates back to 1985, Clyman says, and it has since occupied non-contiguous blocks of space in the building.

Under the new lease, the previous spaces were reworked and combined with the additional space. “After a thorough market survey,” Clyman says, “One Penn Center remained the best option, and the new space has an efficient layout [and] is able to accommodate future growth.” The building was completed in 1929 and includes Suburban Station, one of three City stations of the Septa rail line.