A longstanding construction firm has inked a hefty new office lease to expand its presence along Chester's riverfront.
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Power Home Remodeling signed a 250K SF office lease in the Wharf at Rivertown, a former power plant redeveloped by the Buccini Pollin Group that is now owned by the Philadelphia Union soccer team.
The tenant will hire hundreds of new workers to occupy the additional 65K SF it acquired, according to a social media post from Avison Young Marketing Manager Amber Marcanio.
It’s the largest office lease in Eastern Pennsylvania since 2022, she said.
Avison Young’s Brendan Kelley represented Power in the transaction while a CBRE team including Brian Smyth and Cody Leher represented the Union, the Philadelphia Business Journal reported.
PEOPLE
Construction firm Group PMX added three new Delaware-based members to its team: Patrick Honeycutt, Chris Sanchez and Tim Kiser.
This is a “natural progression of our strategic growth into Delaware,” where the firm incorporated in 2009, CEO Michael Giaramita said in a statement.
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Commercial furniture company COFCO promoted Erin Costello to general manager of the Philadelphia office. She has been with the firm since graduating from Susquehanna University in 2003.
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Florida-based financing firm Bayview PACE hired Shelah Wallace as senior vice president of loan originations. Wallace has 15 years of CRE experience with companies including Capitol Bank, Bancorp Bank and PGIM Real Estate Finance.
LEASES
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CBS Food Program, a nonprofit focused on education and nutrition, inked a nearly 17K SF lease for a warehouse space under construction at 1830 County Line Road in Velocity Venture Partners’ Huntingdon Glen Business Campus.
JLL’s Eric Berkowitz and Patrick Grenko represented the tenant.
CONSTRUCTION AND DEVELOPMENT
Toll Brothers is building a new community in Montgomery County. Site work is underway at 183 Kline Road in Royersford.
Sales of the 3,000-plus SF homes are scheduled to begin sometime this fall. Prices will begin at $1M.
THIS AND THAT
While industrial vacancy is high across Greater Philadelphia, demand for smaller spaces appears to be relatively strong.
Avison Young found that just under 25% of all industrial buildings under construction in the region are between 50K and 249K SF. That’s up from 10.7% in Q1 2024.
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