March 13, 2023 11:00 AM
Newmark[i] announces a 55,000-square-foot lease renewal at 10 North Independence Mall West—a Class A office building in Philadelphia, Pennsylvania. Newmark Executive Managing Director Jeffrey Tertel represented the landlord, The Federal Reserve Bank of Philadelphia, in the transaction with tenant Ewing Cole. EwingCole is a nationally recognized architecture, engineering, interior design and planning firm.
“EwingCole’s renewal in the Federal Reserve Bank of Philadelphia building is a continuation of their presence in one of Philadelphia’s most amenity-rich Class A office spaces. The landlord has put care and effort into the building common areas and amenities – a benefit to tenants, their employees and clients,” said Tertel. “As tenants continue the return to office in Philadelphia’s CBD, we are excited to see other notable tenants follow suit.”
The eight-story, 775,000-square-foot Federal Reserve Bank of Philadelphia building offers trophy-level amenities on-site, including a state-of-the-art conference facility with a 180-seat auditorium, a café with full catering and outdoor dining, a fitness center, covered parking, all new building systems and 24/7 building security.
Located at the corner of 6th and Arch streets in downtown Philadelphia, the Federal Reserve Bank of Philadelphia building sits on Independence Mall, directly across from the National Constitution Center. The property boasts a premier location, with immediate access to major highways – I-676, I-95, I-76 – the Benjamin Franklin Bridge and public transportation.
According to Newmark Research, the overall vacancy rate for the Philadelphia office market increased to 17.4% in the fourth quarter of 2022, up 20 basis points from the third quarter’s 17.2%. Absorption was slightly in the negative, with 13,448 square feet, however, the year-to-date total was at 527,885 square feet.
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 of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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[i]Dba Newmark Real Estate in Pennsylvania