International commercial real estate services firm Studley has announced that, effective June 1st, 2010, the company will operate from new office space in Downtown Philadelphia.
Studley signed a 6,841-square-foot, nine-year sublease from Unisys for a portion of the 34th floor of Two Liberty Place at 50 South 16th Street.
“We are very excited about the opportunity to lease this space, which connects by a shared mall to our former premises at One Liberty Place, thereby making the physical move less arduous,” said Hether Smith, Studley senior vice president and branch manager. She added that the space, which boasts magnificent easterly views, is virtually brand new, since Unisys never took occupancy.
Two Liberty Place is a 54-story, 991,620-square-foot mixed-use commercial/residential tower whose anchor tenant is Cigna. Asking rent in the building on a direct basis is in the low to mid $30’s per square foot.
However, according to Gregory Soffian, Senior vice president and Co-branch manager “Studley was able to take advantage of market conditions and negotiate a sublease transaction at rates significantly below market, providing Studley with a substantial reduction in its occupancy costs.”
Gregory Soffian, represented Studley in the transaction, while Rick Widerman and David Healy of Jones Lang LaSalle acted on behalf of the sub-landlord, Unisys.
Studley is the only global tenant advisory firm with a pure tenant representation delivery platform. Founded in 1954, Studley pioneered this conflict-free business model. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley throughout Europe, Studley provides strategic real estate consulting services to top-tier corporations, law firms, nonprofits, government agencies and institutions of higher education. Information about Studley is available at www.studley.com.