September 29, 2021 10:00 AM
Newmark announces the 17,239-square-foot office lease to leading real estate technology company, Compass, Inc. (“Compass”), at 1430 Walnut Street in Philadelphia, Pennsylvania. Located on the corner of 15th and Walnut Streets, this property provides the real estate firm a notable presence on the most prominent retail street in Philadelphia.
Newmark Executive Managing Director Craig Scheuerle and Managing Director Matthew Guerrieri represented the landlord and developer, Midwood Investment & Development (Midwood) – a leading national real estate investment and development firm founded in 1925 – in the lease transaction. Savills Senior Managing Directors Joshua Meltzer and Jay Joyce represented Compass.
1430 Walnut Street was designed by Bohlin Cywinski Jackson and developed by Midwood in 2015. The award-winning property’s other tenants include The Cheesecake Factory, Verizon Innovation Center, &pizza and SPiN. The space has unique features such as a private rooftop terrace with views of the city, an expansive window-line, open ceilings and hardwood floors throughout.
“Bringing the Compass brand to Walnut Street is a clear and significant opportunity,” said Jeff Bedard, Regional President at Compass. “Most importantly, this unique space will provide our real estate professionals with a world-class work environment where they can focus, collaborate and develop and grow their business, with the added benefit of amazing outdoor space on the building’s rooftop deck, to recharge and host clients.”
Compass is currently home to tens of thousands of the nation’s best real estate agents, serving hundreds of the top cities in the country. Last year these agents transacted approximately $152 billion in residential real estate and completed 66 percent more transactions than they did the year before, making Compass the largest independent real estate brokerage in the country. Locally, Compass has been named #1 Top Workplace among large companies in Greater Philadelphia in 2020 and 2021 and currently has the #1 market share of residential real estate in Philadelphia County by total dollar volume, according to BrokerMetrics®.
About Midwood Investment & Development
Midwood is a private real estate investment and development firm founded in New York in 1925. The company owns and manages more than 140 properties across the United States, with a focus on New York, Boston, Philadelphia and Los Angeles. For more information, please visit our website: www.midwoodid.com.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.2 billion for the trailing twelve months ending June 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. 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.