Newmark Grubb Knight Frank (NGKF) Executive Managing Director Jeffrey Mack and the NGKF Capital Markets team of Michael Margolis, David Dolan and Brett Segal have been awarded the exclusive listing for the redevelopment of 1100 First Avenue. This property has been recently purchased by Royale Gardens, LP, owned by Vince Piazza. 1100 First Avenue is a premier development site in the heart of King of Prussia, the region’s most vibrant employment, retail and amenities center.
An 18.14-acre development parcel located amidst the Philadelphia Metropolitan Statistical Areas (MSAs) largest suburban employers, the site is strategically positioned for maximum access to the area’s employment hubs as well as its world-class amenities.
Situated just off of PA Route 422 in the center of the King of Prussia Business Park, 1100 First Avenue is adjacent to I-276 (PA Turnpike), I-76 (Schuylkill Expressway), PA Route 202 and I-476 (Blue Route), which provides unparalleled access to the entire Philadelphia MSA including downtown Philadelphia. The proposed slip ramp from the PA Turnpike (I-276) to First Avenue and Moore Road will improve access from the PA Turnpike and reduce traffic congestion on local roads.
1100 First Avenue’s strategic location creates the ultimate live/work/play environment. An extensive spectrum of over 100 bars and restaurants, over 3 million square feet of office space and 2.5 million square feet of retail locations are located within walking distance of the Property.
Plans for the property include managing the existing building and exploring the development of a mixed-use commercial, professional or medical office component, with potential for multihousing, market retail and/or a boutique hotel.
“This is a rare and unique opportunity,” said Piazza. “You don’t find 18+ acres of developable land in the heart of King of Prussia anymore. I’m thrilled to be part of the redevelopment and transformation of Upper Merion Township.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.