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
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lizzy.mahan@ngkf.com
