Wyomissing, PA (PRWEB) April 01, 2014
Continental Casualty Company (CNA Group LLC) donated their 260,000 SF, five-story building at 401 Penn Street in Reading, PA to I-LEAD Charter School, a local non-profit in late December and signed a long-term lease for the third and fourth floors (52,600 SF) of a building at One Meridian Boulevard in Wyomissing, PA.
CNA, one of the country’s largest commercial insurance writers, enlisted global commercial real estate services firm Studley to negotiate the transaction, represented by Greg Gerber and Scott Merz.
According to Gerber, CNA was the only occupant of the building in downtown Reading and using approximately one quarter of the property. Studley advised the company to consider moving to an area that better accommodated their business and employees. “By relocating to Wyomissing, closer to their employees and business partners, CNA was able to reduce their annual occupancy costs, increase flexibility and accelerate their business initiatives.”
Tom Pontarelli, Executive Vice President and Chief Administration Officer remarked, “CNA has been a proud member of the Reading community for many years, and we are pleased that donating the building to I-LEAD Charter School will help revitalize its downtown.” Pontarelli added, "Investing in the point of sale continues to be a top priority, and relocating to Wyomissing will further strengthen our presence in Pennsylvania."
CNA is expected to move into their new facility in Wyomissing in May.
About CNA Group LLC
Serving businesses and professionals since 1897, CNA is the country's eighth largest commercial insurance writer and the 13th largest property and casualty company. CNA's insurance products include standard commercial lines, specialty lines, surety, marine and other property and casualty coverages. CNA's services include risk management, information services, underwriting, risk control and claims administration. For more information, please visit CNA at http://www.cna.com. CNA is a registered trademark of CNA Financial Corporation.
Studley is the leading global commercial real estate services firm specializing in tenant representation. Founded in 1954, Studley pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. With over 60 offices worldwide, Studley offers expert advisory services, including brokerage, project management, corporate services and strategic portfolio solutions. Studley’s unique approach examines every client’s business to fully understand corporate objectives and optimize real estate assets. For more information, please visit http://www.studley.com and follow us on Twitter @StudleyInc and LinkedIn.
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