PhillyInc

Courtesy www.navyyard.org

Tasty Baking Co. (NYSE: TSTY), which plans to build new facilities in the Navy Yard and vacate its current location in Nicetown (See Phillyinc posts here), said in an SEC filing last week that its rent for "at least" 35,000 square feet at the Navy Yard will be $23.80 per square foot the first year, plus $7.93 per foot for operating expenses. That's a total of about $1.11 million. According to recent rate sheet from CB Richard Ellis, that's roughly in line with Center City base rents. Of course, Tasty notes that it won’t owe any real estate tax until 2018. Parking appears to be included. And it has negotiated itself a six-month grace period before it has to pay any rent. Sweet.
- Thomas Ginsberg