BETHLEHEM, PENN – Joint venture partners Trammell Crow Company and Clarion Partners announce they have broken ground on a 677,088 square foot Class A speculative industrial building in Pennsylvania’s Lehigh Valley industrial market. The building is scheduled for completion in Spring 2014.
The project will sit on a 40-acre site within Lehigh Valley Industrial Park VII, a master- planned business park less than two miles from Interstate 78 in Bethlehem, Pennsylvania. The Park, formerly home to Bethlehem Steel, is a designated Local Economic Revitalization Zone (LERTA). This LERTA designation provides municipal, school and county tax relief on newfor up to ten years. The Park is also home to the Bethlehem Intermodal Terminal.
The building, located at 2485 Commerce Center Boulevard, will feature 32’ clear height, 190’ deep truck courts, ESFR sprinkler systems, excellent logistical infrastructure and ample parking.
“We believe that the Lehigh Valley is one of the most sought after industrial markets in the entire country and this location within the Valley is exceptional,” said Andrew Mele, Senior Vice President with Trammell Crow Company’s Northeast Regional Business Unit. “The project offers a great location, best-in-class design and significant tax advantages. We are pleased to be delivering this project at a time when supply is limited and demand is strong.”
“We’re excited to partner with Trammell Crow Company on this high profile in-fill development site. We believe the project will play an important role in driving additional business and job growth in the city of Bethlehem,” stated Dayton Conklin, Senior Vice President at Clarion Partners. “The Lehigh Valley market continues to be an area of focus for Clarion Partners and we are pleased to be expanding our presence with this unique opportunity.”
A leasing team led by Joseph McDermott and Vincent Ranalli at CBRE have been appointed as the listingfor the project.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of March 31, 2013, Trammell Crow Company had over $4.3 billion of projects in process and $1.9 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 15 major cities throughout the United States. The company serves users of and investors in, office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company offers large strategic joint ventures, opportunity funds, and other targeted investment options.
Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). For more information visit www.TrammellCrow.com.
About Clarion Partners
Clarion Partners has been a leading U.S. real estate investment manager for more than 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England as well as a presence in Mexico. With more than $28 billion in total assets under management, including more than 100 million square feet of industrial assets in the U.S., Mexico and Brazil, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. www.clarionpartners.com.