Tag: Commercial Real Estate

Newmark Arranges Three Industrial Sales to Velocity Venture Partners LLC in PA

Chris Cantz

Philadelphia, PA (June 9, 2021) — Newmark Real Estate (Newmark) announces 70,000-square-feet of real estate transactions totaling $5.325 million in Hatfield and King of Prussia, Pennsylvania. The transactions include the acquisitions of: a 27,500-square-foot flex building on 2.83 acres at 1111 North Broad Street and a 15,200-square-foot flex/industrial building at 1910 North Penn Road, both in Hatfield; and a 27,000-square-foot flex/industrial building at 451 Yerkes Road in King of Prussia. The transactions represented a combination of single- and multi-tenant, income producing assets with upcoming vacancies in 2022.

All three properties were acquired by Velocity Venture Partners LLC (Velocity), headquartered in Bala Cynwyd, and arranged by Newmark Managing Director Justin Bell. Mr. Bell said, “These were off-market transactions with significant complexities, and we appreciate Velocity’s ability to navigate each and reach the finish line.”

Tony Grelli, Founding Partner at Velocity Venture Partners added, “Velocity is excited to acquire three quality industrial assets that provide value-add growth opportunities for our expanding Montgomery County, Pennsylvania portfolio, which is nearing 2.5 million square feet.” According to Zach Moore, Grelli’s Founding Partner at Velocity, “Our very first acquisition–a 10,000-square-foot flex building–sits just a few miles down the road from these Hatfield sites, and we are thankful to Justin and Newmark for helping us grow our footprint in Hatfield and throughout the Greater Philadelphia Market.”

451 Yerkes Road offers 10,000 square feet of flex/warehouse space that is available October 1, 2021, and 1111 North Broad Street offers 27,000 square feet of warehouse and showroom/flex space that is available April 1, 2022. Newmark will be handling the leasing assignments for both properties.

According to Newmark Research, the Montgomery County submarket has been a significant beneficiary of accelerating industrial activity across Southeastern Pennsylvania. Tenant demand from a diverse group of industrial occupiers has trimmed vacancy in Montgomery County’s inventory by 60 basis points over the past year, to 6.7 percent in the first quarter of 2021. In turn, tightening market conditions drove rent growth of 31.0 percent over the same period, and new development has broken ground to meet occupier needs for space.

 

About Velocity Venture Partners LLC

Velocity Venture Partners is a leading developer of industrial real estate throughout New Jersey and Pennsylvania. The firm devotes its time exclusively to distribution, fulfillment and manufacturing style assets that are located close to densely populated suburban corridors and major transportation arteries. The team currently owns and operates 4,500,000+ SF of industrial space throughout the region – a portfolio comprising 150 tenants and 40 properties. Velocity was founded by Gloucester County-native Tony Grelli and Montgomery County-native Zach Moore.   www.velocityinv.com.

 

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.

 

Discussion of Forward-Looking Statements about Newmark

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.

 

Newmark Announces over 14,000 square feet of new office lease transactions

Chris Cantz

Two Leases Signed at Recently Renovated 7000 Lincoln Drive in Marlton, NJ

Newmark announces over 14,000 square feet of new office lease transactions at 7000 Lincoln Drive in Marlton, New Jersey. The 7,870-square-foot and 6,490-square-foot leases were signed to insurance company USI and Berkshire Hathaway, respectively. 7000 Lincoln Drive has approximately 60,000 square feet of space remaining available for lease, highly concentrated on the building’s top two floors.

Newmark Executive Managing Director Anne Klein represented the landlord, 7000 Lincoln LLC, in the leases. USI was represented by Dan Brogan with Cushman and Wakefield and Berkshire Hathaway was represented by Jim Wilson with Mahoney Realty Group. Newmark represented the previous building owner in the 2019 sale of the property to 7000 Lincoln LLC and was then awarded the leasing assignment at the building.

“This is one of the few office assets in the submarket to have been recently renovated to Class A. That fact, in addition to the immediate access to and availability of tenant signage on I-73, makes the building incredibly attractive to tenants,” said Anne Klein.

7000 Lincoln Drive comprises 77,229 square feet and has undergone a complete Class A renovation including a new façade and underground radiant heat beneath exterior sidewalk pavers, as well as upgrades to elevators, bathrooms and common areas–raised lobby ceiling, top-of-the-line finishes and new lighting. 7000 Lincoln Drive is proximate nearby amenities including Whole Foods Market, two fitness centers and several hotels.

If you have questions or would like to speak with a Newmark professional, please reach out to Lizzy Mahan at lizzy.mahan@nmrk.com or Marketing Manager Marlene Sahms at msahms@ngkf.com.

 

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.

Tactix Wins 2020 Best Real Estate Deal of the Year

Chris Cantz

Congratulations to the Tactix Team, Glenn Blumenfeld, Doug Simon, Kartik Patel and Michael Rabinowitz for winning Best Real Estate Deals of 2020 in the Office Lease category.

Blank Rome, one of Philadelphia’s largest law firms, signed a new 16-year lease for its headquarters on space in the Center City building where it currently resides, One Logan Square.

Unusual and unprecedented, at least in the Philadelphia market, the amount of space the law firm will take hasn’t been determined, though it will be between 100,000 and 160,000 square feet. Blank Rome currently occupies 196,000 square feet at One Logan, which is owned by Brandywine Realty Trust.

Most leases are typically negotiated to include options to expand a tenant’s space over time, but not this one. The new lease provides Blank Rome with several contraction rights in the future so it can right size its space as its practice changes over time.

A long-term commitment by the firm also justifies the significant expense needed to renovate its space into a more contemporary design that also addressed current and future work styles. Recognizing that significant capital was required, Blank Rome was also adamant that it be more cost-effective in the way it consumed space so getting a great deal and right-sizing its space were mandates for any new agreement.

“Halfway through the deal, the pandemic threw us all a curveball,” according to the deal’s nomination. “All of a sudden the world changed and Blank Rome was no longer certain how it wanted to redesign its space or even how much space it wanted to occupy. The question was, could we structure a deal that created the long-term certainty that Blank Rome wanted while also giving it extraordinary flexibility and time to adapt to the new, post-Covid world?”

A solution was created, giving Blank Rome up to three years from lease signing to evaluate and determine how much space it needed. Blank Rome will curtail its footprint by over 10% in order to generate immediate savings, according to the nomination. The arrangement also provides the firm the ability to reduce its footprint by an additional 40% at any point within the first two years.

To read more about this deal click below for the full article.
Best Real Estate Deals of 2020: Office lease winner

For more info on Tactix, Click here

 

 

Newmark Announces Leasing of Iconic 1500 Market Street

Chris Cantz

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.

Discussion of Forward-Looking Statements about Newmark

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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Newmark Represents 200k Square Feet of Leases and Sales in Lansdale, PA

Chris Cantz

PHILADELPHIA, PA — Newmark announces over 200,000 square feet of transactions totaling $12.86 million closed in Lansdale, Pennsylvania in the last five weeks. The transactions include two leases at the Pennbrook Business Center–a new, 128,000-square-foot industrial lease at 1180 Church Road and a 40,450-square-foot office lease renewal at 1400 Pennbrook Parkway–and the sale of the 32,500-square-foot flex building at 205 Church Road.

Newmark Managing Director Justin Bell represented the tenant, Hughes Relocation Services, Inc., in the lease at 1180 Church Road, by landlord Velocity Venture Partners; the landlord, Patriarch Management LP, in the lease to tenant, Johnson Controls, Inc., at 1400 Pennbrook Parkway; and the seller, Triumph Controls, LLC in the transaction of 205 Church Road to buyer, Alpha Strata, LLC.

According to Newmark Research, the Montgomery County submarket has been a significant beneficiary of accelerating industrial activity across Southeastern Pennsylvania. Tenant demand from a diverse group of industrial occupiers has trimmed vacancy in Montgomery County’s inventory by 60 basis points over the past year, to 6.7% in the first quarter of 2021. In turn, tightening market conditions drove rent growth of 31.0% over the same period, and new development has broken ground to meet occupier needs for space.

 

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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Press Contact:

Lizzy Mahan

303-260-4437

lizzy.mahan@ngkf.com