{"id":1004697926,"date":"2024-01-17T03:19:28","date_gmt":"2024-01-17T11:19:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004697926"},"modified":"2024-01-17T06:52:46","modified_gmt":"2024-01-17T14:52:46","slug":"jv-lands-800-ksf-life-science-lease-near-philadelphia","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-lands-800-ksf-life-science-lease-near-philadelphia\/","title":{"rendered":"R&#038;D Hub Inks 800 KSF Lease Extension"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a14ac9b5f886&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-medium is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004697927\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jv-lands-800-ksf-life-science-lease-near-philadelphia\/400-arcola-road\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/400-Arcola-Road-e1705476709771.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"400 Arcola Road\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Dow Chemical Northeast Technology Center spans 1.9 million square feet across 340 acres. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/400-Arcola-Road-e1705476709771.jpg?w=1000\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"225\" width=\"300\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/400-Arcola-Road.jpg?w=300\" alt=\"400 Arcola Road\" class=\"wp-image-1004697927\" style=\"width:350px\"\/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The building at 400 Arcola Road rises five stories some 22 miles from Philadelphia. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Materials science company <strong>Dow <\/strong>has signed a long-term lease extension for nearly 800,000 square feet at Northeast Dow Center in Collegeville, Pa., near Philadelphia. The owner is a joint venture between <strong>David Werner Real Estate Investments <\/strong>and <strong>GreenBarn Investment Group<\/strong>. The tenant was represented by <strong>Newmark<\/strong>.<\/p>\n\n\n\n<p>The campus at&nbsp;400&nbsp;and&nbsp;500 Arcola Road, which houses Northeast Dow Center, spans 1.9 million square feet across 340 acres. It includes 14 interconnected office, life science and mixed-use buildings, as well as 105,000 square feet of amenity spaces. The property is close to interstates 76 and 276; downtown Philadelphia is roughly 22 miles away.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/attracting-life-science-tenants-in-core-markets\/\">Attracting Life Science Tenants in Core Markets<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>The partners acquired the campus in August 2023 from <strong>Pfizer<\/strong>, which continues to occupy space at the property through its subsidiary <strong>Wyeth<\/strong>. The complex changed hands for $180 million and the acquisition involved a $95 million CMBS loan from <strong>Starwood Mortgage Capital <\/strong>and <strong>BMO Capital Markets<\/strong>. <\/p>\n\n\n\n<p>The building Dow occupies at 400 Arcola Road rises five stories and spans 885,233 square feet. It traded for $71.4 million, according to CommercialEdge data, and became subject to a $45.4 million CMBS loan from <strong>Wilmington Trust <\/strong>with a fixed rate of 7.29 percent. The property came online in 1992 and underwent cosmetic renovations in 2003.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-office-leasing-in-philadelphia\">Office leasing in Philadelphia<\/h2>\n\n\n\n<p>As of November, office listing rates in Philadelphia clocked in at $32, marking a 3.1 percent increase year-over-year and slightly below the national average of $38, according to <a href=\"https:\/\/www.commercialsearch.com\/news\/office-sector-faces-surging-loan-defaults-amidst-market-challenges\/\">a recent CommercialEdge report<\/a>. The vacancy rate in the metro reached 14.3 percent, rising by 1.4 percent over 12 months\u2014below the 18.2 percent national figure, the same source shows.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Newmark represented the tenant, a global materials science company.<\/p>\n","protected":false},"author":3120,"featured_media":1004697927,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,11,21742,21747,1494],"tags":[35564,43922,50999,33377],"class_list":["post-1004697926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-midatlantic","category-latest","category-office","category-philadelphia","tag-bmo-capital-markets-corporation","tag-david-werner-real-estate","tag-newmark","tag-starwood"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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