A real estate transaction involving the building of a new seven-story modern store and office building at the north-west corner of Twelfth and Main streets was consummated yesterday afternoon. James W. Pennock of Syuracuse, N. Y., owner of the Pennock building at Twelfth and Main streets, leased the property to James O'Reilly, president of the Owl Drug Company, for a period of ninety-nine years at a net rental of $26,000 per year. The property has a frontage of twenty-four feet ten inches on Main street and 130 feet on the north side of Twelfth street.
As a part of the consideration, O'Reilly agrees to replace the four-story building now occupying the property with a modern seven-story office building. Six small stores on the first floor and in the basement will front on Main and Twelfth streets. The second will be devoted to business offices, while the four upper floors will be especially equipped for doctors and dentists. The architect is Lewis Curtis, who was architect for the Baltimore hotel.
Until recently Pennock and Curtis engaged to plan the building with the idea of retaining it himself, but the negotiations for a long lease were closed late yesterday afternoon.
