Check here periodically for news and information about the industry and our company.
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.
December 3, 2020 - As we celebrate the holiday season and 2020 comes to an end, we are thankful for the opportunity to serve the great communities where we work and live. The Parkway family encourages you to look for ways you can give your time, talent and resources in your own community year-round.
Happy Holidays from your friends at Parkway!
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.
Parkway Leads in Customer Experience with Touchless Parking
May 26, 2020 - Parkway continues our long history of innovation and leadership by introducing two touchless parking options at many of our facilities. Tickets can now be dispensed with a simple wave of the hand. No need to use the touchscreen to get a ticket upon entry. In the same locations, most customers can now pay by phone for a completely contactless experience. No need to use the pay station/pay-on-foot to pay prior to exit.
Experience the freedom and confidence of touchless parking! Go to www.parkwaycorp.com/parking/touchless to learn more or to find a participating location.
Celebrating a Lifetime of Building, Teaching and Caring
January 2020 - We are pleased to share this letter that Robert Zuritsky, President & CEO of Parkway, recently wrote in our company newsletter about his father, Joseph Zuritsky.
Parkway Corporation’s Chairman of the Board, Joseph Zuritsky, celebrated his 80th birthday in November so I thought it would be nice to review some of his accomplishments to Parkway and the community over the last 68 years.
My father grew up in Wynnefield, PA, and spent a great deal of his childhood working with his parents, Herman and Lee, in the parking business. He learned how to drive at the tender age of 15 on what is now the Art Alliance parking lot and grew up doing every kind of job in the parking industry.
After becoming the only one in his family to graduate from both college and law school, he set out to grow his family’s business. Early on he noticed there was a lot of unrealized value in existing parking facilities. He helped Parkway by implementing some innovative concepts to the Philadelphia operations. After studying competitors, he could see where their gaps existed in controls, rates, and customer service. He would then convince owners of those facilities that there was more value to be made. He hired the best team in the industry to develop new techniques and systems to solve revenue controls and auditing problems.
These creative innovations, plus a stellar reputation for integrity, helped Parkway develop a reputation for excellence and grow the company from a handful of facilities in Philadelphia to a national parking company with operations across the country. In fact, Parkway has operated facilities in over 30 different markets, including Los Angeles, San Juan PR, Denver, Long Island NY and Canada.
My father, like my grandfather, was an active and long-time member of the National Parking Association. My father was on the Board and later elected Chairman of the Association from 1998 to 2000.
My father has been active in real estate for almost his whole career, assembling land, developing parking lots, garages, retail and some office in the early years. He later was able to use Parkway’s parking expertise and land holdings to build relationships with the largest developers in the Philadelphia region. For the last 50 years his relationships have helped Parkway enter into 46 different development and acquisition deals with the likes of Bill Rouse, Fred Anton, Ron Rubin, Ted Bollt, and Tom Scannapieco. Those relationships helped produce developments like Liberty Place, 1706 Rittenhouse, Walnut Towers, The Morgan Lewis Building, 12th & Filbert and 12th & Walnut.
Partners and clients are drawn to my father because of his honesty, dependability, work ethic and contributions that he brought to the greater community. These traits are what he passed on to his children and grandchildren.
My father has been involved with hundreds of charitable and community projects like being a founder and ten-year Chairman of the Center City District, 20-year Board member of the African American Museum, Board member and person to identify the site of the National Museum of American Jewish History, just to name a few.
He has also been successful in life, raising a family with his wife and best friend, Renee. He has three children and nine grandchildren. My father also has a number of hobbies that keep him young like breeding and raising koi.
Many people, at 80, might have decided to take it a little slower; my father is still as active as ever. Parkway is fortunate to have his energy, ideas, and guidance to help lead us into our 90th year with many years to come.
The National Parking Association (NPA) launches information hub.
July 10, 2019 - The National Parking Association (NPA) has launched Last Mile Mobility (www.lastmilemobility.org), a global data hub with everything you need to know about smart cities, parking, and the future of mobility. Parkway's CEO, Robert Zuritsky, is Chair-Elect of the NPA Board of Directors which is sponsoring this new home for information in the industry.
Parkway Dedicates "Expanding Perspective" Mural
May 23, 2019 - Adding to Philadelphia’s already rich art community, Parkway, in partnership with Mural Arts, dedicated “Expanding Perspective”, installed on the Midtown Village parking garage.
We are proud to continue to contribute to the vitality of this great neighborhood. “Expanding Perspective,” from the creative minds of Mural Arts Philadelphia artists, lives at our 1201 Walnut Street location.
FlashParking and Parkway Corporation partner to deliver future-ready parking and mobility solutions
March 3, 2019 - Parkway and FlashParking are proud to announce a groundbreaking enterprise partnership in the parking industry. The partnership reinforces our continuing commitment to combining operational excellence and innovative technology to deliver exceptional products and customer experiences. Parking is a key part of the answer to urban congestion challenges. Looking forward to making the parking experience more modern & frictionless for our customers, communities, and partners!
Our Chairman, Joe Zuritsky mixes business, philanthropy and koi!
January 31, 2019 - Our Chairman, Joseph Zuritsky, is a respected business and community leader. Read more about him (and his legendary love of koi fish!) in the linked article here: http://jewishexponent.com/2019/01/31/couple-mixes-business-philanthropy-koi/.