Tag: Newmark Knight Frank

Chris Lange, Jr. Joins Newmark Knight Frank’s Philadelphia Office

Amanda Nardi

Wayne, PA (September 28, 2020) — Newmark Knight Frank (NKF) announces the addition of Chris Lange, Jr. to the firm’s Philadelphia office. Joining as an Executive Managing Director, Chris specializes in the sale and leasing of office and industrial properties. He has deep experience representing top tenants and institutions in Center City Philadelphia and surrounding suburbs.

“Chris possesses the ability to successfully cultivate business relationships at the highest level. He is a true entrepreneur who will fit into NKF’s culture seamlessly,” said Steve Cousart, Executive Vice President and Managing Director of NKF’s Greater Philadelphia region.

Over the course of his career, Chris has worked with some of Philadelphia’s largest companies in the financial, healthcare, law, development and education sectors. One of Chris’ recent transactions, a built-to-suit headquarters, was honored as one of the Best Real Estate Deals of the Year by the Philadelphia Business Journal.

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Newmark Knight Frank Hires Medical Office Capital Markets Expert Ben Appel in Philadelphia, in a Leadership Role Bolstering National Healthcare Platform

Amanda Nardi

Philadelphia, PA (September 15, 2020) — Newmark Knight Frank (NKF) is pleased to announce the addition of national healthcare capital markets expert Ben Appel to the firm’s Global Healthcare Services (GHS) platform. Joining in a leadership role as an Executive Managing Director, Ben specializes in medical office building (MOB) sales, equity placement and financings. Ben is based in NKF’s Philadelphia office, joining a well-established and fully integrated medical office team.

Throughout his 12-year career, Ben has advised on medical office and healthcare real estate transactions in excess of $5 billion, including some of the nation’s most notable medical office transactions in recent years. Appel’s experience includes medical office sales, re-capitalizations, joint venture equity, physician and hospital monetizations and facilitating developer selection processes. During his career Ben has represented core funds, public and private REITs, pension fund advisors, developers, family offices, private equity firms and healthcare providers. Appel joins from JLL where he was a managing director in the national healthcare practice group.

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Newmark Knight Frank Retained to Lease 15 Kings Grant Drive

Amanda Nardi

New Headquarters Opportunity in Bala Cynwyd, PA

Wayne, PA (August 18, 2020) — Newmark Knight Frank (NKF) has been exclusively retained to market for lease 15 Kings Grant Drive. The three-story, 57,000-square-foot office building, which comprises a newly renovated large block of space, is located in the heart of Bala Cynwyd, Pennsylvania. NKF Executive Managing Director Jeff Mack and Managing Director Patrick Nowlan are marketing the new building for lease.

15 Kings Grant Drive has recently undergone a complete renovation with a budget of approximately $15 million, including all new windows, doors, HVAC system, electrical and mechanical upgrades, landscaping and a new parking structure. Additionally, the interior space provides high-end construction finishes throughout. The building can accommodate tenants seeking a minimum of 18,000 square feet or the entire 57,000-square-foot building and is move-in ready. It is ideally suited as a Class A corporate headquarters with excellent access to City Line Avenue (Route 1) and is just minutes from the Schuylkill Expressway (I-76). The property is also within walking distance to numerous retailers including Panera, Chick-fil-A, Outback Steakhouse and Corner Bakery.

“We are very excited about the opportunity to list this corporate headquarters opportunity in the heart of Bala Cynwyd. Given its ideal location, we expect to attract interest from both center city and suburban Philadelphia corporate office tenants,” said NKF’s Patrick Nowlan of the assignment.

About Newmark Knight Frank Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products

include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

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. 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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Local Industrial Markets Prove Resilient During Pandemic

Amanda Nardi

Wayne, PA (July 15, 2020) — Newmark Knight Frank (NKF) released its second quarter 2020 industrial market reports for Greater Philadelphia and the I-81/78 Corridor. Healthy market activity recorded in the past three months clearly demonstrated the strength of both industrial product as an asset class, and the local industrial markets.

During the quarter, the region grappled with sharp economic losses and shelter-in-place mandates. However, during this period, activity in the I-81/78 Corridor industrial market was robust with 1.3 million square feet of net absorption noted. Multiple deals in the 500,000- to 1.0-million-square-foot range transacted, average asking rents increased 1.5 percent from the previous quarter, and eight new warehouse projects commenced construction despite a temporary ban on all active construction sites, which was lifted mid-quarter on May 1st. The Lehigh Valley submarket led the region in occupancy gains, accumulating 1.2 million square feet in net absorption primarily driven by Amazon’s occupancy of the 1.0-million-square-foot warehouse at 3539 Mountain Road. According to NKF Senior Managing Director Tim Brogan, ecommerce firms like Amazon will continue building out their first- and last-mile supply chain network, with increased intensity catalyzed by COVID-19. “The ‘shop-at-home’ effect is driving even greater demand for online fulfilment facilities and we’re seeing ecommerce requirements in the market increase,” he said.

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Market Activity Continues Amid COVID-19 Disruption, Long-Term Legacy is Unknown

Amanda Nardi

Philadelphia, PA (July 10, 2020) — Newmark Knight Frank (NKF) has released its second quarter 2020 office reports for the Philadelphia CBD, suburbs, Southern New Jersey and Northern Delaware. Office market activity slowed substantially during the second quarter due to unprecedented circumstances caused by the global COVID-19 pandemic; however, most markets experienced net positive absorption and office leases were still signed; among them, numerous expansions.

In the Philadelphia CBD, expansions within resilient and growing industries such as life sciences drove positive market activity in the second quarter. Net absorption measured approximately 70,000 square feet, dominated by two transactions: Spark Therapeutics leased the 54,000-square-foot building at 3000 Market Street, and Passage Bio signed to expand from 9,000 square feet at Two Commerce Square to 37,500 square feet at One Commerce Square. Life sciences momentum in the city of Philadelphia and its effect on current and future demand for office/lab space cannot be overstated. While many requirements for office space in the market have been put on hold since the pandemic began, approximately 340,000 square feet of new space requirements have emerged and of that total, over 75 percent is related to life sciences firms. Vacancy in University City, the region’s premier life sciences submarket, fell to 7.5 percent in second- quarter 2020. For lab inventory in the submarket, however, the vacancy rate is hovering around zero according to NKF Research’s 2020 Life Sciences: National Overview and Top Market Clusters report. NKF Senior Managing Director Jack Soloff noted, “The confluence of life sciences demand and a dearth of available, existing lab inventory is driving some office owners to consider converting portions of their buildings into lab space.”

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A Positive First Quarter; Market Pause Expected Ahead Due to COVID-19

Amanda Nardi

Wayne, PA (04/16/2020)

12:29 PM

Newmark Knight Frank (NKF) released its first quarter 2020 industrial market reports for Greater Philadelphia and the I-81/78 Corridor. First quarter statistics are reflective of activity prior to the economic disruption stemming from the COVID-19 pandemic and reinforce that both industrial markets were on strong footing going into the crisis. Current market indicators suggest that repercussions related to COVID-19 are likely to be less severe for the industrial sector than for other property types, yet this market pause will likely affect leasing volume throughout the balance of the year, causing an uptick in vacancy and potentially a slight softening in rents.

Activity in the I-81/78 Corridor industrial market was robust in the first quarter, with 3.3 million square feet of net absorption tallied, numerous significant new leases signed and average asking rents growing 1.3 percent quarter-over-quarter. Multiple million-square-foot or larger occupancies occurred throughout the market. True Value and NFI occupied 1.0-million-square-foot build-to-suits in Northeastern Pennsylvania, Smuckers moved into a 1.1-million-square-foot warehouse in Central Pennsylvania and in the Lehigh Valley, Qurate Retail Group took occupancy of its newly expanded 1.7-million-square-foot fulfillment facility.

Regional Markets On Strong Footing Before Disruption From COVID-19

Amanda Nardi

Philadelphia, PA (04/09/2020)

1:36 PM

Newmark Knight Frank (NKF) has released its first quarter 2020 office reports for the Philadelphia CBD, suburbs, Southern New Jersey and Northern Delaware. The global COVID-19 pandemic did not begin to cause significant economic disruption in the region until mid-March; therefore, first quarter statistics will not be fully reflective of the current moment in the commercial real estate sector. Yet, first quarter activity reinforced a market-wide position of strength, on which the region will stand to weather the stall in business.

Philadelphia’s Central Business District (CBD) continued its strong late-cycle performance with 137,000 square feet of positive absorption tallied in the first quarter, trimming vacancy down to 12.4 percent. Maintaining a prevalent trend over the past few years, the CBD welcomed over 100,000 square feet of new-to-market companies, including Mindspace, a coworking operator which signed for 42,000 square feet at The Wanamaker. NKF Managing Director Matt Guerrieri noted, “When the economy re-opens, firms in expensive gateway markets may look closer at Philadelphia as a talent-rich, affordable office market option for operational diversification or relocation.”

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The Greater Philadelphia Office Market Closes the Decade on a High Note

Amanda Nardi

Philadelphia, PA (January 16, 2020) — Newmark Knight Frank (NKF) released its fourth-quarter 2019 office reports for the Philadelphia CBD and suburbs, Southern New Jersey, and Northern Delaware today. Across the region, the office market concluded 2019 with robust positive absorption, continued rent growth, new construction, and the promise of more demand-driven development to kick off the new year.

In Philadelphia’s Central Business District (CBD), market activity was largely driven by the “eds & meds” sector, which contributed significantly to the overall quarterly absorption of 142,976 square feet through notable deals such as Children’s Hospital of Philadelphia and Limelight Bio, each leasing a full floor at 3535 Market Street in University City. “Eds & meds” is also among the sectors catalyzing new development. Drexel University officially signed for a 258,000-square-foot build-to-suit in University City this quarter and exercised the option to expand the building to 454,000 square feet to accommodate multiple College of Medicine programs. This was one of two new build-to-suit deals signed in the fourth quarter downtown; Morgan Lewis & Bockius also signed with Parkway Corporation for a 308,000-square-foot build-to-suit at 2222 Market Street.

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130 Monument Road Development Site Sells for $8.94 Million

Amanda Nardi

Newmark Knight Frank Represents Seller in 5.23 Acre Shovel Ready Multifamily Development Transaction

Philadelphia, PA (November 26, 2019) — Newmark Knight Frank’s (NKF) greater Philadelphia Capital Markets team comprising Mike Margolis, Dave Dolan and Dave Garonzik, along with local market expert, Jeff Mack, have successfully completed the sale of 130 Monument Road in Bala Cynwyd. The team represented Roseland Residential Trust, a Mack-Cali Company of Jersey City, NJ, in the $8.94 million sale to Woodfield Development of Chevy Chase, MD.

The 5.23-acre development was site plan approved and is pending only a building permit before construction can begin. The site is zoned and approved for the development of 205 multifamily units. As approved, the design features five stories of residential units over a podium. The building will be a mix of studio, one-bedroom and two-bedroom apartments, along with a parking garage and leasing office. The site sits directly on Monument Road, providing unmatched regional connectivity with tremendous access to major roadways such as City Avenue, I-76, and US-1. Residents will be a short walk away from shopping and dining, along with nearby transportation from SEPTA’s regional rail station. Bala Cynwyd lies directly on the City Avenue Corridor, Philadelphia’s “Golden Mile.” Adjacent to Center City with thriving demographics, this location has evolved into a surging urban/suburban environment, with a large employment base, walkable amenities and a flourishing residential community.

130 Monument Road will experience an accelerated lease-up period and the investor will be able to garner premium rents due to the heavy supply-constrained location. At $43,416 per unit, 130 Monument Road was one of the highest price-per-unit development sales in the last seven years among suburban multifamily land sale comparables, emphasizing the demand for luxury apartments in one of Philadelphia’s premiere live, work, play environments.

About Newmark Knight Frank

Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

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. 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 Knight Frank Retained to Sell Liberty Walk at East Gate

Amanda Nardi

Philadelphia, PA (November 7, 2019) — Newmark Knight Frank (NKF) has been appointed as the exclusive broker in the sale of Liberty Walk at East Gate, a four-building office park located in Mount Laurel, New Jersey. NKF’s Philadelphia Capital Markets team comprising Mike Margolis, Dave Dolan and Dave Garonzik will market the property for sale. The 235,000-square-foot office park, located at 300, 302, 330 and 350 Fellowship Road, was acquired by current ownership in 2014 from Liberty Property Trust, the building’s developer, as part of a larger property portfolio.

“The buildings, highlighted by a completely revitalized long-term corporate headquarters building and the only LEED Gold Certified building in Southern New Jersey outside of Camden, are some of the highest quality buildings in the extremely accessible and desirable ‘3M’ submarket encompassing Mount Laurel, Marlton and Moorestown,” said Margolis

Liberty Walk at East Gate is currently 76 percent leased to eight tenants, providing an investor long-term upside with a weighted average lease term of approximately 7.5 years, as well as the ability to create significant value through the lease-up of remaining vacancies. Investment grade companies such as Morgan Stanley, Oracle, Comcast and PMA Companies highlight the office park’s impressive tenant roster. Marlin Capital Solutions, another high-quality publicly traded company, is the office park’s long-term (since 2004) anchor tenant. Marlin Capital Solutions recently extended its lease term and is undertaking a gut-renovation of the 300 building and a portion of the 302 building.

About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

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. 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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