10:00 AM
Newmark Grubb Knight Frank announced that it represented both parties in a 11,391-square-foot office lease at the Federal Reserve building in downtown Philadelphia. Director Matt Guerrieri represented the tenant, Healthcare Receivable Specialists, Inc. (HRSI), and Senior Managing Directors James Egan and Jeffrey Tertel, LEED AP, represented The Federal Reserve Bank.
“HRSI wanted to upgrade its image and improve quality of life for its employees,” said Mr. Guerrieri. “After a thorough regional search, we determined that the quality, location and amenities of the Federal Reserve building made it just the type of property HRSI was hoping to find, one that would meet the company’s needs today and into the future.”
HRSI is expected to take occupancy of its new space in March. The 20-year-old company offers healthcare providers services for receivable management, including Medicaid, medical assistance eligibility, billing and charity care programs. Its staff processes the documentation required for uninsured treatment reimbursement, and custom software assists with complex state and federal requirements for medical eligibility.
“In addition to providing our employees with new, state-of-the-art space that matches our changing business model, the Federal Reserve building will provide additional features that no other property could match, including an in-house full-service dining facility, dry cleaners, fitness center and shared conference room space, among other services,” said Linda Wallace, president of HRSI. “We have been very pleased with the professionalism of the Fed’s employees who have been working with us on our new space and are eager to make the move this spring.”
Located at the corner of 6th and Arch streets, the Federal Reserve building sits on Independence Mall, directly across from the National Constitution Center.
Jim Welch, vice president, Law Enforcement & Facilities Management Departments for the Federal Reserve Bank of Philadelphia, said, “We are excited to welcome HRSI as our newest tenant and proud to have been selected as its first choice for Class A headquarters space in Philadelphia.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, Newmark Grubb Knight Frank employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
Newmark Grubb Knight Frank’s integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, Newmark Grubb Knight Frank serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark Grubb Knight Frank is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com