Business
Newmark Awarded Exclusive Leasing and Management Assignment for 4.2 Million-Square-Foot Flex and Office Portfolio in Suburban Philadelphia
PHILADELPHIA, March 17, 2026 /PRNewswire/ -- Newmark Group, Inc.i (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and
About this update from Newmark Group, Inc.
[{"type":"text","content":"PHILADELPHIA, March 17, 2026 /PRNewswire/ -- Newmark Group, Inc.i (Nasdaq: NMRK) (\"Newmark\" or \"the Company\"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the Company has been awarded the exclusive leasing assignment for a 66-building, 4.2 million-square-foot office and flex portfolio spanning key submarkets in Suburban Philadelphia, including Wayne, Malvern, Exton and Horsham. Newmark will provide integrated leasing, property management and project management services for the portfolio, positioning the assets for a new phase of operational stability and leasing momentum.\n \n \n \n \n \n \n \nExecutive Managing Director Jim Dugan, Senior Managing Directors Patrick Nowlan and Justin Bell and Associate Sean Donnelly will provide leasing services for the portfolio on behalf of a court-appointed receiver. Property Management services will be led by Senior Vice President Gregory Bond, RPA, CCIM, CPM and Vice President Carol Driver, LEED GA, supported by a newly assembled, nearly 20-member on-site management and engineering team. Senior Managing Director Steve Milliken will oversee Project Management services.\"With the right operational infrastructure now in place, funding for tenant improvements and capital investment, and a fully integrated team across leasing, management, and project delivery, we are positioned to drive renewed momentum across the portfolio,\" said Dugan. \"Flex product in suburban Philadelphia continues to show resilience, and as market fundamentals stabilize, we see meaningful opportunity to capture tenant demand and execute strategic lease-up.\"Flex product within the portfolio demonstrates particularly strong fundamentals, with occupancy reaching 85% in Chester County and 92% in Horsham.Notable office properties in the portfolio include:2 West Liberty Boulevard in Malvern40 Liberty Boulevard, Malvern4, 5, & 7 Walnut Grove Drive in HorshamThe assignment builds on Newmark's strong presence across Suburban Philadelphia and deep expertise in flex and hybrid office product, where tenant demand continues to favor high-quality assets offering operational flexibility and access to talent.According to Newmark Research, the region's office market is nearing an inflection point, with leasing momentum im...