Suburban Office Market Hot in Philly
- Jul 27, 2015
Colliers International leased one of the last large blocks of contiguous Class A office space in the heart of Philadelphia’s suburbs to a single user.
The 75,000-square-foot property at 335 Commerce Drive in Fort Washington will become the new headquarters for TruMark Financial Credit Union. The company also plans to open a branch location with a drive-thru on-site.
TruMark selected this building because of its strategic location and great visibility. The facility also offers excellent access to major roadways including the Pennsylvania Turnpike and Route 309.
Greg Soffian and Matthew Sall of Savills Studley represented the tenant in the transaction. The Colliers team of John Susanin, Kyle Hilbert, and Sandy Richardson represented the owner, Somerset Properties.
“This will have a major impact on the Fort Washington office market. This transaction represents nearly 10 percent of Fort Washington’s Class A inventory,” said John Susanin, senior vice president at Colliers International. “It adds positive momentum to an already hot market that is benefiting from the relocation of several local headquarters and a growing retail corridor, helping to draw new and retain existing tenants in Fort Washington.”
Somerset Properties retained Colliers as the exclusive leasing agent for its five-building, one million-square-foot Fort Washington portfolio in 2014. With the conclusion of the TruMark lease, these assets are currently more than 98 percent occupied.
Photo credits: Colliers International