Photo Credit: Newmark
March 17, 2026 3:00 PM
Newmark Group, Inc.[i] (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the Company has been awarded the exclusive leasing assignment for a 66-building, 4.2 million-square-foot office and flex portfolio spanning key submarkets in Suburban Philadelphia, including Wayne, Malvern, Exton and Horsham. Newmark will provide integrated leasing, property management and project management services for the portfolio, positioning the assets for a new phase of operational stability and leasing momentum.
Executive Managing Director Jim Dugan, Senior Managing Directors Patrick Nowlan
and Justin Bell and Associate Sean Donnelly
will provide leasing services for the portfolio on behalf of a court-appointed receiver. Property Management services will be led by Senior Vice President Gregory Bond, RPA, CCIM, CPM and Vice President Carol Driver, LEED GA, supported by a newly assembled, nearly 20-member on-site management and engineering team. Senior Managing Director Steve Milliken will oversee Project Management services.
“With the right operational infrastructure now in place, funding for tenant improvements and capital investment, and a fully integrated team across leasing, management, and project delivery, we are positioned to drive renewed momentum across the portfolio,” said Dugan. “Flex product in suburban Philadelphia continues to show resilience, and as market fundamentals stabilize, we see meaningful opportunity to capture tenant demand and execute strategic lease-up.”
Flex product within the portfolio demonstrates particularly strong fundamentals, with occupancy reaching 85% in Chester County and 92% in Horsham.
Notable office properties in the portfolio include
- 2 West Liberty Boulevard in Malvern
- 40 Liberty Boulevard, Malvern
- 4, 5, & 7 Walnut Grove Drive in Horsham
The assignment builds on Newmark’s strong presence across Suburban Philadelphia and deep expertise in flex and hybrid office product, where tenant demand continues to favor high-quality assets offering operational flexibility and access to talent.
According to Newmark Research, the region’s office market is nearing an inflection point, with leasing momentum improving and sublease availability declining for several consecutive quarters. Suburban market fundamentals have stabilized, with high-quality, amenitized assets in prime nodes outperforming. Asking rents have held up better than occupancy would suggest, supported by resilient demand in top-tier assets and limited new construction. Headline vacancies will likely remain elevated in Greater Philadelphia’s Suburban office markets while conditions will gradually improve in the most competitive assets and locations.
[i]
[i]Dba Newmark Real Estate in Pennsylvania
About Newmark
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. For the twelve months ended December 31, 2025, Newmark generated revenues of nearly $3.3 billion. As of December 31, 2025, Newmark and its business partners together operated from approximately 175 offices with over 9,300 professionals across four continents. 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 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.