PRA International has signed two office leases totaling 150,000 square feet at the Arborcrest Park in Blue Bell, PA. Corporate Offices Properties Trust (NYSE: OFC
) inked the two long-term deals at its five-building office park located in the Plymouth Mtg / Blue Bell submarket of Montgomery County.
The first deal is for 38,000 square feet at 721 Arbor Way, a 183,400-square-foot building that COPT redeveloped in 2012. Hillcrest II is now 86 percent leased with the new lease, which commences in the second quarter of 2014.
The second deal is for 112,000 square feet at the to-be-redeveloped 731 Arbor Way. Hillcrest III is an adjoining 141,000-square-foot building that is now 79 percent leased, with an anticipated completion date in the first quarter of 2015.
PRA, one of the world's largest clinical trial organizations, is expanding its operations in a move expected to create 250 full-time jobs within in the next three years. The company will invest more than $10.9 million to support its new site through renovations, improvements, new equipment and employee training, made possible in part due to a number of grants provided by the State of Pennsylvania and the Department of Community and Economic Development.
Mike Morrone and Patrick Gallagher with Jones Lang LaSalle represented COPT, an office REIT focused on the needs of the US Government and defense contractors.