In one of the largest leases completed in downtown Philadelphia this past year and the largest expansion by any single tenant, Newmark Grubb Knight Frank Senior Managing Directors James Egan and Jeff Tertel represented Drexel University in a 10-year, 186,000-square-foot lease at Three Parkway, a 20-story office property located at 1601 Cherry St. The new space will be occupied by Drexel’s College of Nursing and Health Professions and College of Medicine.
The transaction represents an expansion for Drexel in Center City Philadelphia. The university currently occupies 68,000 square feet at Three Parkway as well as space in the nearby buildings surrounding Hahnemann University Hospital, which makes up Drexel’s Center City Campus. The growth of the university’s programs, in particular the College of Nursing, prompted a search for additional space that would best serve Drexel’s employees, faculty and students.
Mr. Egan, who has worked with the university on other transactions, said, “Drexel continues to think strategically about its real estate needs today and into the future. With this transaction, they have more than tripled their existing space at Three Parkway, and increased their commitment to Center City.”
Located near Logan Circle on Ben Franklin Parkway, Three Parkway provides easy access to public transportation, parking and many area amenities as well as other parts of the university. A build-out of the space is already underway, and Drexel plans a phased-in move from now until 2015.
Behringer Harvard REIT I, Inc., the landlord in the transaction, was represented by Drew McGowan of Jones Lang LaSalle.
“We are thrilled to be in a position to facilitate Drexel’s growth and presence of their Center City Campus,” stated Deidre Hardister, senior vice president, asset management, Behringer Harvard REIT I, Inc. “This transaction further solidifies our commitment to Philadelphia.” In addition to Three Parkway, Behringer Harvard REIT I, Inc. also owns 1650 Arch Street, United Plaza (30 S. 17th Street) and the Wanamaker Building.
About Behringer Harvard REIT I, Inc.
Behringer Harvard REIT I, Inc. is a self-managed, publicly registered, non-listed real estate investment trust that owns institutional quality commercial office properties across the United States. As of September 30, 2012, the REIT owned 52 properties with more than 20 million square feet in 19 states and the District of Columbia, including concentrations in the major markets of Chicago, Houston and Philadelphia. For more information, contact us at 972.931.4300, or visit us online at behringerharvard.com/reit1.
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 300 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.