Patriot Equities Picks Up 530K Sq. Ft. Office Park in Allentown
- Mar 18, 2015
By Veronica Grecu, Associate Editor
The former LSI Corp. headquarters in Pennsylvania’s fast growing Lehigh Valley was recently acquired by Patriot Equities, a real estate development and investment company based in Wayne, PA.
Located at 1110 American Parkway NE in Allentown, directly off Route 22 and close to the Lehigh Valley International Airport, the 145-acre property consists of a pair of distinctive green-glass buildings totaling 563,000 square feet of Class A office space. The buildings, which are connected by a glass atrium, also feature two parking garages as well as additional surface parking.
The office campus first opened in 2002 and was developed by a subsidiary of Lucent, an AT&T joint venture, to serve as headquarters for Agere Systems. According to WFMZ 69News, the office park was Agere’s home only for a few years. In 2007 the tech company was forced to merge with LSI Logic because of some serious financial problems it was facing.
In a press statement Patriot Equities announced that LSI—which was recently acquired by San Jose, CA-based Avago Technologies—retained approximately 110,000 square feet in a portion of one of the buildings on a long-term basis. Additionally, Intel purchased a business unit from Avago and has agreed to lease 80,000 square feet of space in addition to the 50,000 square feet the company is currelty occupying on the office campus. As for the remaining available space, Patriot Equities is negotiating with several big-box potential tenants. CBRE was selected to provide ongoing property management services at the location.
While the property’s sale price has not been disclosed by Patriot Equities, a news report by Lehigh Valley Business revealed that New York City-based Mission Capital Advisors arranged $41 million in acquisition and repositioning financing for the office campus at 1110 American Parkway NE. Reportedly, Patriot Equities could spend approximately $7 million to renovate the property.
Image via Mission Capital Advisors