Check here periodically for news and information about the industry and our company.
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/.