Insights
Insights
Check here periodically for news and information about the industry and our company.
Press Coverage as Parkway Relocates Historic Gas Station
March 23, 2023 - Parkway completed the relocation of a historic gas station in Philadelphia as part of the ongoing development of Chubb Center at 2000 Arch Street. The building is now in Fairmount Park where it will serve as offices for the Bicycle Coalition. We were excited by the local press interest and are pleased to share their coverage of the event:
https://6abc.com/historic-gas-station-building-philadelphia-on-the-move-moving/12993643/
https://www.fox29.com/news/parkway-to-move-historic-center-city-gulf-station-to-fairmount-park
https://www.cbsnews.com/philadelphia/video/100-year-old-gas-station-being-relocated-in-philadelphia/
https://www.cbsnews.com/philadelphia/video/old-gulf-gas-station-building-set-to-move/
The Chubb Center construction project began in early 2023 and will create at least 1,250 new positions in Philadelphia following the building’s opening in early 2026, making it Chubb’s largest office in North America.
Parkway Announces Acquisition of Tulsa Property
December 27, 2022 - Parkway is pleased to announce the acquisition of a 90,000 square foot, 306 parking space property in the Arts District of Tulsa, Oklahoma. The location is in close proximity to the Tulsa Theater, Cain’s Ballroom, the BOK Center, Guthrie Green, and numerous bars, restaurants, museums, apartment, and office buildings. We are excited to add another high-quality parking asset in a new market.
We continue to look for surface parking acquisitions across the country. Reach out to our acquisitions team (acquisitions@parkwaycorp.com) to discuss opportunities.
Parkway announces 2000 Arch, Chubb's largest North American Office
December 16, 2022 – Parkway is pleased to announce the development of a state-of-the-art building to be constructed at 2000 Arch Street. Designed by L2P/Stantec with the highest standards for sustainability, the new 18-floor, 550,000-square-foot structure will be occupied by Chubb, the world's largest publicly traded property and casualty insurance company. Construction will be managed by Turner Construction and will commence in February 2023.
The project will create at least 1,250 new positions in Philadelphia following the building’s opening in early 2026, making it Chubb’s largest office in North America. Chubb has committed to creating and retaining a total of 3,200 jobs in Pennsylvania within five years following the opening. During the construction phase, the project will also support hundreds of jobs from local unions.
This development will expand Chubb’s workforce in Philadelphia and will include new roles in digital technology, finance, underwriting, and claims. The proximity of the new location to the city’s leading colleges and universities will provide an important pipeline of new talent. There will also be hires into Chubb’s newly launched apprentice program, which will offer roles for individuals without a four-year college degree in areas such as claims, underwriting, and technology.
"It has been a fantastic experience collaborating on this project with Chubb, which, like Parkway, has strong roots here in Philadelphia,” said Robert Zuritsky, President and CEO of Parkway Corporation. “For nearly a century, Parkway has spearheaded some of the most significant and transformative developments in Philadelphia's history. We're thrilled to bring this development with its positive economic impact and job opportunities to this vibrant neighborhood and we look forward to working with our partners to build the future of this world-class city."
2000 Arch Street will be LEED platinum certified and is expected to be open in early 2026.
Parkway Proposes 31-story Luxury Apartment Tower
November 10, 2022 - Parkway Corporation is proud to continue to find ways to create destinations in Philadelphia. We have are proposing a 31-story luxury apartment tower in Center City on our 21st & Ludlow lot. We look forward to the opportunity to serve the community, create jobs, and expand the City’s skyline. More to come!
Parkway Corporation Announces Formation of U.S. Land Carry Fund I, LP
September 1, 2022 - Philadelphia-based Parkway Corporation, a leading parking operator and real estate development and investment company, announced today that it has recently completed the formation of Parkway U.S. Land Carry Fund I, LP. The fund was capitalized to acquire more than $100 million of surface parking lot assets in the United States.
The complete announcement is available here: https://www.prnewswire.com/news-releases/parkway-corporation-announces-formation-of-us-land-carry-fund-i-lp-301616516.html
Parkway Announces Acquisition of Tampa Property
August 5, 2022 - Parkway is pleased to announce the acquisition of a 3.6+ acre property near Raymond James Stadium in Tampa, Florida. We are excited to add another high-quality parking asset in a top market.
We continue to look for surface parking acquisitions across the country. Reach out to our acquisitions team (acquisitions@parkwaycorp.com) to discuss opportunities.
Jewish Family and Children’s Service (JFCS) Honors Anna Boni
May 10, 2022 - Philadelphia's JFCS Honors Parkway's Anna Z. Boni
Philadelphia's Jewish Family and Children's Service recently honored Parkway's EVP & Chief Admin officer, Anna Z. Boni, for her service to the organization. She was honored along with Parkway's long-time community partner Jane Golden, Executive Director of Mural Arts Philadelphia. We are proud to share a community and a company with these two great leaders.
Follow the links below for news coverage of the event:
WPVI-TV: https://jfcsphilly.org/jfcs-honors-anna-zuritsky-boni-jane-golden/
WPHL-TV: https://jfcsphilly.org/15980-2/
Jewish Exponent: https://www.jewishexponent.com/2022/05/11/jfcs-honors-longtime-board-member-anna-zuritsky-boni/
Philadelphia Optimism
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 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.