A joint venture between Trammell Crow Company and Clarion Partners broke ground this week on a new Class A speculative industrial building in Pennsylvania's Lehigh Valley industrial market. The 677,088 square foot building will sit on a 40-acre site within Lehigh Valley Industrial Park VII, a master planned business park in Bethlehem.
Trammell Crow Company and Clarion are not disclosing financial details of the development of 2485 Commerce Center, but the partners will benefit from a coveted economic advantage in the endeavor, given that Lehigh Valley Industrial Park VII is a designated Local Economic Revitalization Zone that provides tax breaks on new construction for a period of up to 10 years, according to a Commercial Property Executive article.
"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."
Located at 2485 Commerce Center Boulevard, the building is scheduled for completion next spring. A leasing team led by Joseph McDermott and Vincent Ranalli at CBRE have been appointed as the listing brokers for the project.
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