Newmark Wins Exclusive Leasing and Management Assignment for 4.2M-SF Suburban Philadelphia Office and Flex Portfolio

Newmark Group, Inc. (Nasdaq: NMRK), a leading commercial real estate advisor and service provider, has been awarded the exclusive leasing and management assignment for a 66-building, 4.2 million-square-foot office and flex portfolio in Suburban Philadelphia, the company announced March 17, 2026. The assignment, on behalf of a court-appointed receiver, spans key submarkets including Wayne, Malvern, Exton, and Horsham, and encompasses integrated leasing, property management, and project management services.

Assignment Scope and Team

Newmark's integrated service team will be led by Executive Managing Director Jim Dugan, Senior Managing Directors Patrick Nowlan and Justin Bell, and Associate Sean Donnelly on the leasing side. Property management services will be overseen 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 lead project management services for the portfolio.

"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."

The assignment builds on Newmark's existing presence across Suburban Philadelphia and its expertise in flex and hybrid office product.

Flex Occupancy Outperforms Amid Elevated Office Vacancies

Flex product within the portfolio demonstrates particularly strong fundamentals, with occupancy reaching 85% in Chester County and 92% in Horsham, according to Newmark. These figures stand in contrast to broader office market conditions in the Greater Philadelphia region, where headline vacancies remain elevated across suburban markets.

According to Newmark Research, the region's office market is nearing an inflection point. Leasing momentum has been improving and sublease availability has declined for several consecutive quarters. Suburban market fundamentals have stabilized, with high-quality, amenitized assets in prime nodes outperforming the broader market. Asking rents have held up better than occupancy would suggest, supported by resilient demand in top-tier assets and limited new construction. Headline vacancies are expected to remain elevated in Greater Philadelphia's suburban office markets, while conditions are projected to gradually improve in the most competitive assets and locations.

Suburban Philadelphia Office Real Estate Market Context

Tenant demand in the region continues to favor high-quality assets offering operational flexibility and access to talent, according to Newmark. Limited new construction in the submarket has helped support asking rents even as overall occupancy has lagged.

Newmark's assignment, on behalf of a court-appointed receiver, encompasses integrated leasing, property management, and project management services. The firm's integrated approach is intended to position the 66-building portfolio for what Newmark describes as "a new phase of operational stability and leasing momentum."

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers. For the twelve months ended December 31, 2025, Newmark generated revenues of nearly $3.3 billion. As of December 31, 2025, Newmark and its business partners operated from approximately 175 offices with over 9,300 professionals across four continents. Newmark operates as Newmark Real Estate in Pennsylvania.