UPPER SAUCON TWP., Pa. — Since acquiring two corporate office facilities last year that are just a mile from Promenade Saucon Valley, one Bucks County real estate investment group is citing “recent success” in attracting tenants.
AFA Real Estate Partners, out of Yardley, announced eight lease transactions — including one new tenant, one lease expansion and six renewals — spanning almost 48,000 square feet across its buildings at 3701 and 3773 Corporate Parkway. The two facilities offer 146,000 rentable square feet, according to the group.
“It remains a challenging time for the general office market, but closing these latest transactions in Center Valley is an encouraging sign for the office sector..."AFA Real Estate Partners President Robert Connell
Tenants mentioned above include an investment advisory and investment banking firms, a capital markets activities firm, a global life insurance company and others of the like, according the release.
“It remains a challenging time for the general office market, but closing these latest transactions in Center Valley is an encouraging sign for the office sector and proof that businesses are still interested in leasing well-located, well-maintained, quality office space," AFA Real Estate Partners President Robert Connell said in a press release.
The group acquired the buildings last year for $21 million, according to Lehigh County property records. AFA also owns another nearby building at 3477 Corporate Parkway, which it bought back in 2020 for $19.65 million.
The release states the buildings are nestled in a part of the Saucon Valley that’s desired by employers, with a “soon-to-be-announced” future residential development incoming for the nearby Stabler Pathways.
AFA owns other buildings in Malvern, Chester County; Blue Bell and King Prussia, Montgomery County; as well as in New Jersey, Nevada and Texas.
Offices elsewhere
Just this week, the Allentown Planning Commission supported a developer’s plans for a $35 million conversion of the PPL Tower downtown and its former office space into a mixed-use, 112-unit apartment with a restaurant and commercial space.
In Bethlehem, officials with Lehigh Valley Industrial Park have cited many years of trouble filling vacant space in former Bethlehem Steel tracts near the city’s border with Hellertown. After many years of trying to attract various uses, including corporate office space, warehouses have now been approved for that land along the city’s eastern gateway.
Across the city, construction is underway at the corner of Eighth and Eaton avenues — the former home of Martin Tower and once-headquarters of Bethlehem Steel. Lehigh Valley Health Network is adding two new medical offices there to complement its current care centers nearby.
