Phelan Hallinan & Schmieg
Tenant Representation, Building Sale and Property Management
400 Fellowship Road, Mount Laurel, New Jersey
40,000 square feet
Phelan Hallinan & Schmieg, LLP is based in Center City Philadelphia, with offices in Mount Laurel, New Jersey. They were experiencing rapid growth in New Jersey and needed larger office space. Since they had already recently outgrown several offices, the challenge was to find a building that could accommodate their future projected growth without paying rent on the space until they took occupancy. Additionally, PHS has a high ratio of employees per square foot and therefore required more parking than most buildings offered.
Based on the firms partnership structure, projected growth and unique requirements, SSH Real Estate encouraged PHS to consider purchase as well as lease options. After an extensive search, 400 Fellowship Road was identified for purchase. SSH assisted with due diligence, construction estimating, space planning, and provided property management services. SSH was also able to negotiate a 36,000 SF renewal of the firms headquaters at 1617 JFK Boulevard.
By identifying and negotiating very favorable sale terms, the partners of the firm were able to benefit from an excellent real estate investment while also benefiting from the tax advantages of the depreciation of real estate.
The 40,000 square foot building had 20,000 square feet available immediately for PHS occupancy and had two tenants with lease expirations in two to five years which enabled PHS to have the ability to grow into their own building. Ultimately, PHS ended up expanding into the entire building and SSH Real Estate continues to provide property management services.Download Case Study PDF