The American College of Radiology
The American College of Radiology (ACR) is a non-profit headquartered in Reston, VA, with a local office in Philadelphia that conducts cancer studies for the National Cancer Institute. ACR has been located at 1101 Market Street for several years and would have liked to stay in that location, but it would have had to continue leasing space on two non-contiguous floors. In addition, Aramark Corporation, the largest tenant in 1101 Market Street, is continuously leasing additional space in the building, and ACR would have always been subject to Aramark Corporation’s right of first refusal during any extended lease term. Utilizing the tenant representation platform, Studley (now Savills Studley) competed against a landlord-oriented brokerage firm, and was selected by ACR to represent the firm.
Studley was engaged to identify and analyze all available space options in Center City Philadelphia that would accommodate ACR’s needs. The company’s requirements included moving into a quality building at an aggressive rental rate, with a right to terminate the lease and the right to contract its space at two specific periods of time.
Studley negotiated a new lease at 1818 Market Street for 36,741 square feet on two contiguous floors, with the right to use the fire stair as an interconnecting staircase between the floors. ACR received eight months of free rent, the right to contract at the end of the fourth lease year and the right to terminate at the end of the fifth lease year. Studley used market conditions and various buildings as competition, in order to generate these tenant-friendly business terms.
1818 Market Street,
Philadelphia , PA
Meet the Team
Senior Vice President, Co-Branch Manager