S hopping C enters P ennsylvania
M id A tlantic Real Estate Journal — Pennsylvania — March 18 - April 21, 2022 — 11B
www.marej.com
Curran and Grace negotiate on behalf of buyer, UPMC Landmark facilitates purchase of 170,000 s/f class A office building in East Pennsboro Twp.
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ciation of Realtors, Gueci has become a real estate industry expert. Her active involve- ment and leadership within the legislative committees of both the local and state REALTOR associations, give her indepth understanding of real estate laws and regula- tions impacting owners and operators throughout the Commonwealth. “Michelle comes to Land- mark with nearly twenty years of experience and we are looking forward to work- ing with her,” said Barb Murdocca , COO. “She has established roots, along with a sizeable network of peers and business associates here in the Harrisburg region. Michelle also has represented both buyers and sellers so she understands both sides of every transaction which is extremely important.” MAREJ
AST PENNSBORO TOWNSHIP, PA — The University of Pitts-
burgh Medi- ca l Center ( U P M C ) r e c e n t l y p u r c h a s e d a 1 7 0 , 0 0 0 s / f c lass A office build- ing at 2020 Technology Parkway lo- c a t e d i n Cumberland Technology Park, in East Pe nn s b o r o Township. The build- ing was the former home
Michael Curran
2020 Technology Parkway
Commercial Realty / TCN negotiated the transaction on behalf of the buyer, UPMC. In other Landmark news, the company has added Mi- chelle Gueci as senior associ- ate to its growing team. As a former president of the Greater Harrisburg Asso-
headquarters for Novitas So- lutions. The new site, located across the street from theWest Shore Hospital campus, will serve as an ambulatory medi- cal office complex for UPMC, that brings access to new healthcare services to the West Shore submarket.
This deal marks the second consecutive year in a row that Landmark handled their largest transaction in company history. Michael Curran, SIOR, president & executive manag- ing director and JasonGrace , CCIM, SIOR CEO & manag- ing principal at Landmark
Jason Grace
of the Patriot News/Penn- Live’s newsroom before their relocation in 2010 and cur- rently serves as the regional
Newmark announces completion of largest single- asset multifamily sale in Philadelphia’s history
kitchen, state-of-the-art fit- ness center, 10-seat theater room, glass-enclosed heated rooftop swimming pool with retractable windows and expansive roof deck with pri- vate cabanas and grilling ar- eas. The street-level retail is occupied by two full-service restaurants, Blume and Fado Irish Pub, offering residents convenient dining options. 1500 Locust is strategi- cally located at the conflu- ence of three prominent neighborhoods in Center City– Rittenhouse Square, the Avenue of the Arts and the West Market Street of- fice corridor. The property is situated on the southwest corner of 15th and Locust Streets, placing it four blocks from Rittenhouse Square Park, the most coveted resi- dential address in the City of Philadelphia; one block south of Rittenhouse Row, the City’s high street retail and restaurant corridor; and four blocks south of the West
Market Street office corridor. Additionally, 1500 Locust is one block from Philadel- phia’s famous “Avenue of the Arts,” which is home to the historic Academy of Music, the Kimmel Center for the Performing Arts, The Mer- riam Theater, The Wilma Theater and The Suzanne Roberts Theater. According to Newmark Research, sales volume for U.S. multifamily properties totaled $78.7 billion during the third quarter of 2021, the largest quarterly sales figure on record as inves- tor appetite for multifam- ily properties continues to surge. The third quarter volume represented a 31.4% increase from the prior quar- ter and a 192.1% year-over- year increase. For the 12 months ending the third quarter of 2021, the greater Philadelphia area totaled $2.2 billion in multifamily sales volume. MAREJ 1 Dba Newmark Real Estate in Pennsylvania
PHILADELPHIA, PA — Newmark 1 announced it has completed the sale of 1500 Locust, a 45-story, mixed-use multifamily building in the famous Rittenhouse Square Submarket of Center City Philadelphia. The 612-unit property sold for $233 mil- lion—the largest single-asset sale in the history of Philadel- phia’s multifamily market. Newmark executive man- aging directors Lizann Mc- Gowan and Erin Miller represented the seller, Bar- ings , which traded the asset on behalf of an institutional client. The asset was buyer Fairstead’s first acquisition in Philadelphia. Transaction manager Marybeth Farris and financial analyst Chris Koehler provided support on the transaction. “1500 Locust offered a gen- erational investment oppor- tunity to acquire a landmark mixed-use asset in one of the nation’s most prestigious and highly sought-after sub-
1500 Locust
markets,” said McGowan. Miller added, “Having been under institutional owner- ship for more than three de- cades, the property has been meticulously maintained to blend the latest in modern living with the exceptional construction of the original design.” Totaling 828,679 gross s/f, 1500 Locust comprises 612
multifamily units, 7,770 s/f of street-level retail and a 398-space parking garage. The asset features a mix of studio, one-, two- and three- bedroom units with an aver- age unit size of 852 s/f. Prop- erty amenities encompass the entire 45th Floor, offer- ing panoramic views of Cen- ter City. Amenities include resident lounge with catering
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