March 20, 2023 9:00 AM
Newmark[i] announces a new 3,175-square-foot lease at The Poplar—a mixed-use office and residential development—in downtown Philadelphia, Pennsylvania. The tenant is 365 Health Services, an ACHC-accredited full-service home healthcare provider delivering state-of-the-art care to the Greater Philadelphia region. Newmark Managing Director Matthew Guerrieri and Executive Managing Director Jeffrey Tertel represented the landlord and developer, Post Brothers, in the lease transaction. Colin McHale, Partner at Beacon Real Estate, LLC, represented the tenant, 365 Health Services.
“This transaction marks the start of an exciting new chapter for all parties involved,” said Guerrieri. “We are confident that despite market headwinds, the Poplar offices will continue to demonstrate its strength in the market to attract best-in-class tenants, such as 365 Health Services. We look forward to working collaboratively with ownership and congratulate the tenant on its continued expansion in the Philadelphia market.”
365 Health Services’ North Philadelphia office bifurcates the city’s coverage of North Philadelphia to their Bensalem office in Bucks County. Its corporate Headquarters is located at 325 Chestnut Street. 365 Health Services will be located on the second floor of The Poplar, targeting an early Q2 2023 move-in date.
Over the last three years, The Poplar has undergone a substantial capital improvement program implemented by ownership. The complete renovation resulted in four pre-built office suites on the second floor, that come fully furnished, wired and move-in ready. Other high-end finishes include mushroom columns and polished concrete floors. Of the 50,000 square feet available, 365 Health Services’ suite marks the first office lease transaction since the property’s renovation.
The Poplar is situated in the heart of Philadelphia’s dynamic Poplar neighborhood, bordering Northern Liberties and Fishtown, which has emerged as a hub for young professionals and established businesses. The property offers convenient access to a bustling collection of popular bars, restaurants, artistic landmarks and immediate proximity to transportation, including the Broad Street Subway Line, SEPTA Bus, Trolley Routes and I-676 and I-95.
According to Newmark Research, a continued uptick in tenants opting for relocation at highly amenitized space through the fourth quarter of 2022 underscores the trend toward a flight to quality in downtown Philadelphia.
[i]Dba Newmark Real Estate in Pennsylvania
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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