Check here periodically for news and information about the industry and our company.
March 25, 2022 - Our CEO, Robert Zuritsky, published the following recently.
Philadelphia is on a roll!!
We may not realize it, but our town has had major wins and the future is looking bright.
Shaking off the fatigue and cobwebs of 2 straight years of pandemics, protests, weather events, and starts/stops for our economy, it is important to step back and take stock of where our city is. You will start to feel differently about Philadelphia and our surrounding counties.
Business and jobs - Philadelphia is on the investment map! We have never before experienced multiple commitments to game-changing projects like:
- Hilco’s redevelopment of the Sunoco Refinery
- Durst’s multi-billion dollar residential/entertainment development at Penn’s Landing
- Oxford teaming up with Mosaic and Ensemble for 3 million square feet of life science at the Navy Yard
- Parkway’s new Morgan Lewis Tower
- Nick Castellanos’ and James Harden’s new contracts with the Phillies and the Sixers
- Multiple announcements of new developments and job creation in West Philly
- Center City’s addition of so many new residential buildings
Altogether, it equals approximately $10 billion in new investment in our local economy and tens of thousands of great new jobs!
Great place to live - emerging from the pandemic Philadelphia’s booming residential real estate has done well with high occupancy and strong rental rate recovery. Council’s changes to the 10-year tax abatement caused a huge surge in new permitted units, which will be key to encouraging additional college graduates to stay or move here. Our city is known for its great location, world-class restaurants, fantastic attractions, and reasonable cost of living. The additional first-rate apartments and townhouses will encourage an even greater influx of new residents.
Retail/entertainment/history – Our tourism and convention businesses are strong and growing rapidly. We are one of the few cities that has all 4 major sports teams. Speaking with broker friends, I’m also hearing very positive news about exciting new tenants for the empty storefronts in the city.
Taxation/government policy –Philadelphia and Pennsylvania are in a great position to continue to reform taxes and policies to encourage even more businesses to start and grow here. Both our residents and businesses deserve the opportunity to continue to thrive and support each other.
There is a fresh spirit of renewal and growth in our great city and region. That spirit is backed by record levels of investment and development in our community.
So, fellow Philadelphians, now that we can meet in person again, let’s be grateful and think positively as we build our future together - things are looking up!
Parkway welcomes David Dobkin as Managing Director and Head of Acquisitions
February 1, 2022 - We are pleased to welcome David Dobkin as Parkway's new Managing Director and Head of Acquisitions. Prior to joining Parkway, David served as Director of Investments at HK Organization, a privately held real estate investment and development firm in the New York metropolitan area. He was involved with all aspects of business operations, including acquisitions, fundraising, investor relations, financing, business plan execution, and asset management of a two million square foot portfolio of multi-family, mixed-use, office, retail, and industrial properties. Prior to that, he worked at Leitner Group, where he appraised more than 250 properties worth in excess of $2 billion in the New York City metropolitan area across all asset types.
He received a Bachelor’s in Urban Studies and a Master’s in City Planning from the University of Pennsylvania. The company is excited to welcome David and his expertise to the team.
Happy Holidays From Your Friends At Parkway
December 2021 - We wish our employees, partners, friends and neighbors a happy holiday season and a prosperous and safe new year! Parkway invites you to join us in continuing to give back to our communities across the US & Canada.
Parkway Promotes Brian Berson to President of Commercial Properties
October 25, 2021 - Parkway Corporation announces the promotion of Brian Berson to President of Parkway Commercial Properties, Inc. He joined Parkway Corporation in 2018, and since that time had served as Senior Vice President of Real Estate and Development, where he had overseen Parkway’s national office, residential, hospitality and retail portfolio. Within his new role, Berson will further expand Parkway’s real estate strategy and capabilities.
“Brian has made a tremendous positive impact on Parkway since joining in August of 2018,” Robert Zuritsky, President and CEO of Parkway Corporation said. “Brian’s focus, high-level of professionalism, deal-making ability and stellar reputation in the real estate industry is taking Parkway’s real estate business to the next level.”
Over the last three years, Berson has led a talented Real Estate Department that has achieved the following accomplishments:
- Completion of POD Hotel (now called Motto)
- Secured the Morgan Lewis founding office lease at 2222 Market Street in Philadelphia
- Bolstered Parkway’s development opportunities in both Philadelphia and Richmond
- Augmented the Real Estate Department with high-level talent
- Launched residential development capabilities in Parkway’s key markets
- Played a key role in the launch of Parkway’s first Land Value Fund
“For three years, it has been my privilege to work within an organization that is dedicated to urban renewal within cities across the country,” Berson said. “Parkway’s legacy spans more than 90 years, and in that time it has made tremendous contributions as a leading real estate developer. As the President of Parkway Commercial Properties, I look forward to building upon that success as we look toward a bright and exciting future.”
Before joining Parkway, Berson worked at Brandywine Realty Trust and served as Vice President of Development, overseeing work in New Jersey and Washington, DC. Prior to that, he served as Vice President of Leasing and Development at Liberty Property Trust, where he held responsibility for the firm’s leasing, development, and asset management at the Philadelphia Navy Yard.
Berson has 25 years of experience in the industry and has developed nearly two billion dollars’ worth of real estate. His previous experience also includes development positions in Washington, DC at LCOR, where he served as development manager for the 2.4 million square foot United States Patent and Trademark Office. He also served as construction manager for the Gannet/USA TODAY Headquarters while working with Hines Development. Berson received his Master of Architecture from Columbia University and his Bachelor of Arts from Washington University.
Parkway Announces "Declaration" Mural
September 20, 2021 - Parkway, in partnership with Mural Arts, is proud to sponsor the installation of "Declaration" on the west side of our headquarters at Broad & Race Streets in Philadelphia. The mural is part of a series of works by Titus Kaphar and Reginald Dwayne Betts and deals with themes of justice and representation in our systems.
Parkway's commitment to meaningful, impactful community art has now expanded to over a dozen major murals and sculptures in the city. This mural is displayed on the Carlisle Street side of our building, facing 15th Street.
Parkway-sponsored Contrafuerte sculpture to join Philadelphia's world-class public art scene
August 14, 2021 – Parkway is excited to announce the upcoming dedication of Contrafuerte in September 2021. Miguel Horn's sculpture will formally join Philadelphia's collection of public art and will be on permanent exhibit on Cuthbert Street between 12th & 13th starting soon!
For more about the sculpture and the artist, check out this article.
Parkway Leads in Customer Experience with more Touchless Parking options
July 31, 2021 - Parkway continues our long history of innovation and leadership by introducing more touchless parking options at many of our facilities. Most customers can now pay by phone with an app, a text or a tap for a completely contactless experience. No need to use the pay station/pay-on-foot to pay prior to exit. Parkwhiz is now also available as a monthly access credential in many locations, joining license plate recognition (LPR) as a touchless entry option for our monthly customers.
Experience the freedom and confidence of touchless parking! Go to www.parkwaycorp.com/parking/touchless to learn more or to find a participating location.
Parkway joins ReadySetPhilly initiative
May 12, 2021 – Parkway is excited to actively support ReadySetPhilly! as the city welcomes back our visitors and workers. ReadySetPhilly! is a joint initiative of the City of Philadelphia, the Chamber of Commerce for Greater Philadelphia and a broad and diverse coalition of employers and organizations to provide information, resources and direction as we return to places of work, restaurants, shops, public spaces and entertainment & event venues.
We are excited to have you back! Find out more at https://readysetphilly.com/
The New Year Brings Renewed Opportunity
January 18, 2021 - As we move fully into the new year, most of us are focused on moving the country and economy forward, creating a path to recovery, and thoughtfully capitalizing on the opportunities that await us. The Parkway team has a unique perspective formed by over 91 years of experience in real estate, airport services and parking. From that, we have some thoughts on what we think will emerge in those markets in 2021.
Parking will continue a gradual multi-year recovery driven by the return of the diverse mix of workers, dining patrons, cultural events, conferences and tourism. We already saw a spike in parking demand during the periods when restrictions were briefly eased. There is pent-up desire for social interaction, in-person business meetings, and attractions that will drive demand as restrictions are permanently lifted. Commuters and tourists view driving as less risky than mass transit, in the short term, and that will also add to parking demand in the early stages. In addition, we believe that reduced office commuting volumes will open up streets and highways for both business commuters and discretionary drivers, making driving and parking an option that prior congestion sometimes limited.
As importantly, over the last few years, innovative parking owners and operators like Parkway have improved the customer experience with more touchless, app-driven payment and reservation options. The full integration of these technologies over the last year has gone far towards increasing confidence and ease-of-use for customers and will draw them back to well-managed locations. Over the longer term, parking will continue to enjoy a prominent part of the emerging “mobility-hub” trend and the associated movement of people and goods.
Commercial Real Estate development and leasing will experience a similar slow rebound over the next couple of years. Office space is key to all major markets, and usage patterns have certainly changed. Tenants will be focused on innovations that improve customer and employee interaction, maximize confidence and support environmental friendliness. Local consumer-centric amenities will also slowly return as workers return. In fact, those amenities must return, as they are also the draw for the office workers. They go hand-in-hand.
There will be opportunities for stronger developers, owners and operators to create partnerships to find well-located, reasonably valued locations and create long term operating and asset value. Many of these locations simply need more efficient and effective operations, financial fortification and a visionary long-term perspective to unlocking their full value.
Overall, we believe that high quality parking and real estate markets, like ours, have a visible path to recovery. Both the parking and real estate industries have evolved and learned from the challenges and are reasonably well positioned for the changes that will come. Their recovery will be slow and steady with the best results in good locations with well-managed operations and visionary partners. We look forward to delivering value in those places and situations, as the economy grows.
This article was originally published by Robert Zuritsky on Linkedin.
Groundbreaking for 2222 Market Street
October 1, 2020 - Parkway and our partners, including Morgan Lewis and IMC Construction, recently held the official groundbreaking ceremony for 2222 Market Street. Along with local officials and all of our partners, we are excited to see construction under way!
Parkway Secures Financing for 2222 Market Street
August 11, 2020 - Parkway is pleased to announce financing of the development of a new office tower, 2222 Market. Meridian Capital Group arranged $187 million in construction and mezzanine financing and equity for the ground-up construction. The senior loan was provided by balance sheet lenders, while the mezzanine loan and equity were provided by ACORE, a leading commercial real estate finance company, on behalf of some of their managed accounts. This transaction was negotiated by Meridian Senior Managing Directors, Morris Betesh and Ronnie Levine, Director, Phil Galligan, Senior Vice President, Thomas Wayda, and Vice President, Omar Ferreira, who are all based in the company’s New York City headquarters.
The Class-A building will serve as the new founding office for Morgan Lewis & Bockius, one of Philadelphia's leading law firms. 2222 Market is the first non-Comcast commercial office building in the city’s Central Business District in over 30 years.
The tower, designed by architectural firm Gensler, will stand 19 stories tall with 305,000 rentable square feet. Gensler’s Philadelphia office worked directly with both Parkway and Morgan Lewis, who partnered on all aspects of the design and building specifications to customize Morgan’s ideal real estate solution for attracting and retaining some of the finest legal talent in the region.
2222 Market will feature 10’ high ceilings throughout with floor-to-ceiling glass, multiple outdoor terrace amenities, flexible workspace planning, fitness center, and conference center. The building is specifically designed to have an extraordinarily light carbon footprint and will be seeking LEED-CS Gold and Fitwell certifications. The property benefits from its unparalleled location in the heart of Philadelphia’s central business district, offering close proximity to shopping, dining, and area attractions such as City Hall and the new Comcast headquarters in addition to unmatched commuter access with Suburban Station, 30th Street Station, and the 22nd Street trolley station all within walking distance.
Development will begin in Fall 2020. We are excited to lead the next generation of commercial real estate in Philadelphia.