September 29, 2021 10:00 a.m.
Newmark announces lease for 17,239 square feet of office space to Compass, Inc. (“Compass”), a leading real estate technology company, at 1430 Walnut Street in Philadelphia, Pennsylvania. Located on the corner of 15th and Walnut streets, this property gives the real estate company a notable presence on Philadelphia’s most important shopping street.
Newmark Executive Managing Director Craig Scheuerle and Managing Director Matthew Guerrieri represented owner and developer, Midwood Investment & Development (Midwood) – a leading national real estate investment and development firm founded in 1925 – in the transaction of rental. Savills CEOs Joshua Meltzer and Jay Joyce represented Compass.
1430 Walnut Street was designed by Bohlin Cywinski Jackson and developed by Midwood in 2015. Other tenants at the award-winning property include The Cheesecake Factory, Verizon Innovation Center, & Pizza and SPiN. The space has unique features such as a private rooftop terrace with city views, a wide line of windows, open ceilings, and hardwood floors throughout.
“Bringing the Compass brand to Walnut Street is a clear and meaningful opportunity,” said Jeff Bedard, regional president of Compass. “Most importantly, this unique space will provide our real estate professionals with a world-class working environment where they can focus, collaborate and grow and grow their business, with the added benefit of incredible outdoor space on the roof terrace of the building, to relax and welcome customers. ”
Compass is currently home to tens of thousands of the country’s top real estate agents, serving hundreds of major cities across the country. Last year, these agents completed approximately $ 152 billion in residential real estate transactions and completed 66% more transactions than the previous year, making Compass the largest independent real estate broker in the country. Locally, Compass was named the # 1 Best Workplace among Major Greater Philadelphia Companies in 2020 and 2021 and currently holds the # 1 residential real estate market share in Philadelphia County in terms of total volume. in dollars, according to BrokerMetrics®.
About Midwood Investment & Development
Midwood is a private real estate investment and development firm founded in New York City in 1925. The firm owns and manages over 140 properties across the United States, with a focus on New York, Boston, Philadelphia and Los Angeles . For more information, please visit our website: www.midwoodid.com.
Newmark Group, Inc. (Nasdaq: NMRK), along with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly fueling every phase of the property lifecycle. Newmark’s full suite of services and products are uniquely tailored to suit every customer, from owners to occupants, investors to founders, and startups to blue chip businesses. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark provides superior service to clients across the industry. Newmark generated revenues of over $ 2.2 billion for the twelve months ending June 30, 2021. The offices owned by the Newmark company, as well as its business partners, operate from more than 160 offices with approximately 6,200 professionals worldwide. To learn more, visit nmrk.com or follow @newbrand.
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