One More Thing:It's only seven months since Ireland's Castleway Developments paid $33 million (€23.1 million) for the Philadelphia Airport Business Complex, but the deal is already looking like a steal.
The developer, which was formed in 2003 by civil engineer Jim Osborne and Monaghan-born John McCann, has just signed a 15-year lease with US oil company Sunoco worth $30 million.
The oil company is taking a 115,000sq ft building on the complex, situated close to the end of a runway at Philadelphia airport and beside two main motorways.
According to Osborne, just 100,000sq ft of space remains to be let of the 2.8 million sq ft complex. He expects it to yield about $10 million annually in rents.
"It's been a very positive experience for us," he said this week. "We see this as a long-term investment and a good foundation for our business in this part of the world."
