LVEDC Relocating to New Office Building in Bethlehem
By Colin McEvoy on February 8, 2022
The Lehigh Valley Economic Development Corporation will be relocating to a new office building effective in March, becoming the sole commercial tenant at the former Bethlehem Club building at 520 N. New Street in historic downtown Bethlehem.
The three-story building will provide LVEDC greater opportunities for holding events and functions, as well as for hosting site selectors, business executives, and other economic development professionals visiting from outside the region.
“We regularly host business leaders and decision-makers who are considering establishing a location in the Lehigh Valley, and our new office will provide a great environment for us to help introduce them to the region,” said LVEDC President & CEO Don Cunningham. “At the same time, it will provide us a more creative and flexible space for continuing our work of supporting regional development, as well as for hosting gatherings and programs.”
The 11,000 square-foot building will be fully branded with the organization’s name and logo, an opportunity that was not available at its previous location at 2158 Avenue C in Bethlehem because LVEDC shared the location with multiple tenants.
The new building will feature a lower club level, which LVEDC will be able to utilize for events, functions, and programs. Rather than just an office space, the new building will be a more hospitable, personal environment that better represents the history and culture of the region, Cunningham said.
The new building at 520 N. New Street was chosen after an extensive search conducted by Feinberg Real Estate Advisors on behalf of LVEDC. Multiple locations of varying sizes and types were considered in various locations across the Lehigh Valley as part of a more than 2-year process.
“It was a pleasure to help LVEDC with their very extensive two-year search of the Lehigh Valley,” said Cindy McDonnell Feinberg of Feinberg Real Estate Advisors. “The organization had an opportunity to personally tour fifteen properties and considered numerous lease proposals. At the end of the process, 520 N. New Street in Bethlehem proved to be a perfect new home for the LVEDC.”
While several high-quality locations were considered, the new building was only one that provided LVEDC the opportunity to be the single tenant. Additionally, like LVEDC’s previous space, its Bethlehem location was ideally centralized within the overall Lehigh Valley region.
The monthly rental cost for the new building is approximately the same as that of LVEDC’s previous location, and was about the same at, or lower than, most of the other locations considered as part of the search, Cunningham said.
“The conditions created by the COVID-19 pandemic have made it a buyer’s market when it comes to office space, and so it provided LVEDC with an opportunity to obtain a larger space with unique amenities that we would normally not be able to consider,” he said.
The previous owners of 520 N. New Street undertook extensive renovations on the historic building, which includes excellent interiors, private and open-space offices, and conference rooms of various sizes.
The lease for 520 N. New Street was reviewed and approved by the LVEDC Board of Directors and its executive committee. LVEDC will have right of first refusal if the building owners decide to sell in the future.
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