Newmark Announces Leasing of Iconic 1500 Market Street
Availabilities represent largest high-rise block of office space currently available for lease in Philadelphia
Philadelphia, PA (Apr. 27, 2021) — Newmark Real Estate (“Newmark”) announced that it has been awarded the leasing assignment for 1500 Market Street–1.87 million-square-foot office complex in the heart of downtown Philadelphia, Pennsylvania. The property’s two office towers, the East and West, are 36- and 42-stories, respectively. 1500 Market Street space availabilities represent the largest high-rise block of office space currently available for lease in Philadelphia. Newmark Senior Managing Director Jack Soloff and Executive Managing Director Craig Scheuerle are representing the leasing for landlord, Nightingale Properties and Wafra Capital Partners Inc.
The office asset is highly accessible by either car or public transportation, featuring a 450-space private, covered parking garage and direct concourse access to SEPTA regional rail lines and PATCO high speed line.
“1500 Market Street’s central and easily accessible location, proximity to public transportation and access to abundant dedicated parking make it an incredibly competitive property,” said Jack Soloff. “The contiguous block of available space on the upper floors, the largest available in Philadelphia, will provide potential tenants with tremendous views of Philadelphia–City Hall, Dilworth Park and the Benjamin Franklin Bridge.”
The property recently underwent full renovations, including updates to building lobbies, courtyard and elevators. Additionally, 1500 Market Street features staffed FedEx/UPS transaction counters; on-site daycare, on-site banking services and options for on-site coffee.
“We look forward to working alongside Nightingale Properties and Wafra Capital Partners Inc. to make tenants aware of the beautiful renovations at 1500 Market Street and that we are open for business,” concluded Craig Scheuerle.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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