Geis Realty represents the Trustees of the U of PA

PHILADELPHIA, PA – Representing HRPT Properties Trust, the landlord of 1500 Market St., CB Richard Ellis has signed the University of Pennsylvania Health System to a long-term lease for up to 263,000 s/f, including 85,530 s/f of expansion rights, in the West Tower of Centre Sq. The value of the lease was not disclosed; however the lease includes 64,155 s/f in the upper mezzanine and 113,472 s/f on floors 8-11 with an additional 85,530 s/f of near term option space on floors 16-18.

CB Richard Ellis, senior VP David Jarjisian, first VP Christian Dyer and vice president Nick Gersbach represented HRPT Properties.

According to Jarjisian, the Trustees of the University of Pennsylvania signed on behalf of UPHS (University of Pennsylvania Health System) and will use the space predominantly for administrative purposes. 850 UPHS employees will work from the new location. Jarjisian added "With the addition of UPHS in conjunction with the signing of Dilworth Paxton last month, roughly 70% of the space Comcast will vacate in Centre Sq. next year has already been re-leased." The 1.85 million s/f Centre Sq. two tower complex is currently in the final phase of a $25 million renovation project that includes upgrades to the public areas, retail components, the building's main entry and outdoor plaza as well as HVAC and life safety systems. The project's anticipated completion date is 4th qtr. 2007. Located at 15th & Market Sts., the complex is easily recognized by The Clothespin sculpture in the front plaza. David Campoli, vice president of the Northeast Central Region remarked, "Penn Health is an excellent addition to our portfolio of significant tenants already operating in HRPT's Philadelphia assets. The fact that they will absorb a majority of the soon to expire Comcast space is important and will come at the same time we complete the significant building renovation project.

Dean Geis, Tom Hummel and Shane Funston of Geis Realty represented the Trustees of the University of Pennsylvania.