Michael J. Dagit Joins NGKF’s Philadelphia Office in Center City

Philadelphia, PA (March 27, 2017)Newmark Grubb Knight Frank (NGKF) is proud to welcome Michael J. Dagit to its Philadelphia office in the Central Business District (CBD). Dagit will join the team of Sidney V. Smith, executive managing director and Neil Brazitis, senior managing director, specializing in tenant and landlord representation.

Prior to joining NGKF, Dagit was a sales associate for Jones Lang LaSalle (JLL), where he worked in the suburban Philadelphia office market providing strategic real estate advisory and transaction expertise to owners, occupiers and investors.

Dagit graduated from The Pennsylvania State University (Penn State), University Park, Pennsylvania, with a Bachelor of Arts degree in Communications Arts and Sciences, with a minor in Business Liberal Arts. While at Penn State, Dagit played an active role in THON, the largest student-run philanthropic event in the world, which raises millions of dollars annually to benefit pediatric cancer research.

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Continued Occupancy Gains in Both the Greater Philadelphia and I-81/78 Corridor Industrial Markets at the Close of 2016

Philadelphia, PA (February 1, 2017) — Newmark Grubb Knight Frank (NGKF) released its fourth quarter 2016 market reports for the Greater Philadelphia and the I-81/78 Corridor industrial markets this week. The reports detail occupancy gains across both major markets, which surpassed the prior year’s totals. Rents for warehouse/distribution and flex properties rose in Greater Philadelphia and the I-81/78 Corridor markets. Construction was down in Greater Philadelphia, but increased within the I-81/78 Corridor.

Greater Philadelphia’s industrial market posted 9.9 million square feet in positive absorption for 2016, which is more than 3.0 million square feet recorded for 2015. The Southern New Jersey industrial market accounted for 5.6 million square feet of the region’s total absorption with tenant activity centered on the Burlington County submarket. According to Kurt Montagano, NGKF senior managing director, “Southern New Jersey’s warehouse sector experienced explosive growth thanks to e-commerce. The upcoming year will see more speculative warehouse projects break ground either fully pre-leased or mostly spoken for.” During the fourth-quarter 2016, three speculative projects started construction in Southern New Jersey; all delivered pre-leased.

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Growth Starts to Level Out in the Philadelphia Metro

Philadelphia, PA (January 24, 2017) — Newmark Grubb Knight Frank (NGKF) released its fourth quarter 2016 office reports for the greater Philadelphia region. The reports detail tightened vacancy in the suburban markets and a vacancy uptick in the Philadelphia Central Business District (CBD). Rent growth surged in the CBD and was moderate across the suburban markets. Tenants were drawn to premium space, but activity in Class B product increased with certain tenants looking for more unique spaces in older buildings. The overall greater Philadelphia region closed 2016 with 1.3 million square feet in new occupancy gains.

Philadelphia’s CBD posted 229,989 square feet in positive absorption for 2016, though occupancy gains were 600,000 square feet less when compared against 2015’s total. The delivery of the FMC Tower and downsizing by tenants such as CIGNA and Wells Fargo, pushed the vacancy rate up 60 basis points, year-over-year, to 11.5 percent. During the quarter, Five Below announced that it would move its headquarters from 60,000 square feet at 1818 Market Street to 195,000 square feet at 701 Market Street, which includes a retail component as well. Wayne Fisher, NGKF executive managing director, noted, “The CBD will continue to experience slow, but positive growth as we move into 2017. Rent increases will deaccelerate with the exception of trophy-quality product which has less available inventory. New inventory coming on line in late 2017 and into 2018 will put upward pressure on vacancy.”

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David Garonzik Joins NGKF Capital Markets Greater Philadelphia Team

Philadelphia, PA (January 17, 2017)NGKF Capital Markets is proud to welcome David Garonzik to its greater Philadelphia team. Garonzik comes with nearly 16 years of experience in the areas of asset management, acquisitions, financing, leasing, development and strategic planning of office and multi-family properties. He will use his vast industry knowledge to secure leads and underwrite NGKF Capital Markets listings, and oversee the preparation of financial projections and market-leading collateral such as, offering memorandums, listing proposals and broker’s opinions of value.

Prior to joining NGKF, Garonzik was the director of asset management for The Buccini/Pollin Group, a privately held company that has acquired or developed real estate assets in excess of $4.0 billion, including 36 hotels, six million square feet of office and retail space, 10 major residential communities, and multiple entertainment venues. In this capacity, he had oversight responsibilities for the organizations’ portfolio of over 1,000 residential units and five million square feet of commercial office space located in Delaware and Pennsylvania.

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NGKF Completes the Sale of Delta Pointe’s Lot 7 to the Shaner Hotel Group

Wayne, PA (October 31, 2016) — Newmark Grubb Knight Frank (NGKF) is pleased to announce that Tim Brogan, Tim Pennington and Steve Bonge of NGKF’s suburban Philadelphia location, have completed the sale of Lot 7 at Delta Pointe on behalf of the owner, Delta Commerce Park Developers, LLC, to the Shaner Hotel Group of State College Pennsylvania.

The Shaner Group will be constructing a Fairfield Inn and Suites by Marriott on the 5.11 acre lot and is currently searching for a national restaurant partner.  The Shaner development team is finalizing their development strategy and preparing to advance the construction of the Fairfield Inn and Suites in early 2017. Future plans for the 5.11 acre lot include construction of a second hotel to join the hospitality center at Delta Pointe.

“We are very excited to expand Shaner’s central Pennsylvania’s hotel presence with our second hotel in Mechanicsburg. We are looking forward to servicing the region with our newest quality hotel,” said Plato Ghinos, president of The Shaner Group.

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