FOR IMMEDIATE RELEASE
Joint venture between Botanic Properties, Harrison Street and Sterling Bay to develop 310,000-square-foot life sciences facility at 3801 Chestnut Street in the University City submarket of Philadelphia
Philadelphia, PA (March 4, 2022) — Newmark announces the sale of 3801 Chestnut Street, a 310,000-square-foot life sciences development site in the University City neighborhood of Philadelphia, Pennsylvania. Newmark Executive Managing Directors, Ben Appel and James Tribble, and Senior Managing Director, Michael Greeley, of the firm’s National Healthcare Capital Markets and Boston Capital Markets groups advised the seller and procured the buyer, a joint venture partnership between Botanic Properties, Harrison Street and Sterling Bay.
Newmark’s National Healthcare Capital Markets group, which includes Senior Managing Directors, Jay Miele and John Nero, are pleased to highlight this transaction as an example of life sciences offerings available by the group. Newmark Executive Managing Directors, Sid Smith and James Egan and Senior Managing Director, Neil Brazitis of the firm’s Philadelphia leasing team provided local leasing expertise for the transaction.
3801 Chestnut Street, a 0.77-acre site, is strategically situated in the heart of University City, Philadelphia’s leading center of science, innovation, research and education, which is home to one of the leading concentrations of health systems, teaching hospitals, research institutions and biotechnology firms in the nation. The property is immediately surrounded by such institutions as the University of Pennsylvania, Penn Medicine, Children’s Hospital of Philadelphia, Drexel University and The Wistar Institute.
“We are pleased to have assisted Botanic Properties with making their first acquisition in the Philadelphia market, along with their partners Harrison Street and Sterling Bay,” said Greeley. “3801 Chestnut Street provides this new joint venture with an exceptional development opportunity in a world-renowned medical/academic cluster.”
3801 Chestnut Street further benefits from a highly walkable and bikeable location just two blocks from 40th Street Station, which offers subway service operated by SEPTA, and less than 10 blocks from 30th Street Station, Philadelphia’s primary transit hub, which offers train, subway and bus service operated by Amtrak, NJ Transit and SEPTA.
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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. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. 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 effects of the COVID-19 pandemic on 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.
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Press Contact:
Lizzy Mahan
t 303-260-4437
lizzy.mahan@nmrk.com
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