100 Penn Square East, Philadelphia, PA
When Amerimar Enterprises purchased the Wanamaker Building at 100 Penn Square East, few people saw any non-governmental potential in the 225,000 SF vacancy from GSA deciding to relocate out of the building. Newmark Knight Frank Smith Mack was retained to successfully market the large building floor plates to a variety of realistic users, and offer potential tenants a solution that would result in the property being leased up. For example, when American Business Financial Services, Inc. (ABFS) announced its interest in moving from Bala Cynwyd to Center City Philadelphia, Newmark Knight Frank Smith Mack immediately pursued the prestigious company as a possible tenant for this historic location.
Positioned the real estate asset for marketing
Prepared marketing materials
Established the ideal marketing message
Networked and publicized the offering with area trade
Conducted professional site tours
Prepared detailed proposals and negotiated leases
Conducted complete financial analysis
How Newmark Knight Frank Smith Mack Added Value:
Newmark Knight Frank Smith Mack was successful in securing ABFS as a tenant, relocating more than 1,000 jobs in to more than 234,000 SF. A key component to this complex transaction included incentives provided by the City of Philadelphia, which Newmark Knight Frank Smith Mack was instrument in securing. In addition to ABFS, Newmark Knight Frank Smith Mack executed 10 year renewals for more than 142,000 SF of existing tenants, which avoided costly vacancy and re-tenanting costs. In total, Newmark Knight Frank Smith Mack completed transactions on behalf of the owner with a rent value of $78 million.