Drexel University has signed a new lease for 119,000 square feet, expanding to a total 185,000 square feet at the Three Parkway office building located at 1601-1645 Cherry St. in Philadelphia, PA. Occupancy will take place in phases through 2015.
Three Parkway is a 20-story, 561,351-square-foot, class A office tower constructed in 1970 and renovated three times since in the Market Street West submarket. The building has been awarded an Energy Star label every year since 2009. Drexel's 10-year deal will push occupancy at the building up to 96 percent.
"Three Parkway stands out because of its convenient, highly accessible location in close proximity to all mass transit and major roadways," said Deidre Hardister, senior vice president of asset management with BH REIT I. "It’s also only one block from Hahnemann University Hospital, where Drexel’s nurses currently practice. These factors helped make Three Parkway the most desirable building for Drexel’s School of Nursing."
Drew McGowan and Dylan Langley with Jones Lang LaSalle represented the landlord, Behringer Harvard REIT I, Inc., in the deal. Jim Egan and Jeff Tertel with Newmark Grubb Knight Frank represented Drexel.