Newmark Grubb Knight Frank's Egan and Tertel represents Drexel University

In one of the largest leases completed in the downtown area this past year and the largest expansion by any single tenant, Newmark Grubb Knight Frank senior managing directors James Egan and Jeff Tertel represented Drexel University in a 10-year, 186,000 s/f lease at Three Pkwy., a 20-story office property located at 1601 Cherry St. The new space will be occupied by Drexel's College of Nursing and Health Professions and College of Medicine. The transaction represents an expansion for Drexel in Center City Philadelphia. The university currently occupies 68,000 s/f at Three Parkway as well as space in the nearby buildings surrounding Hahnemann University Hospital, which makes up Drexel's Center City Campus. The growth of the university's programs, in particular the College of Nursing, prompted a search for additional space that would best serve Drexel's employees, faculty and students. Egan, who has worked with the university on other transactions, said, "Drexel continues to think strategically about its real estate needs today and into the future. With this transaction, they have more than tripled their existing space at Three Parkway, and increased their commitment to Center City." Located near Logan Circle on Ben Franklin Parkway, Three Parkway provides easy access to public transportation, parking and many area amenities as well as other parts of the university. A build-out of the space is already underway, and Drexel plans a phased-in move from now until 2015. Behringer Harvard REIT I, Inc., the landlord in the transaction, was represented by Drew McGowan of Jones Lang LaSalle. "We are thrilled to be in a position to facilitate Drexel's growth and presence of their Center City Campus," stated Deidre Hardister, senior vice president, asset management, Behringer Harvard REIT I, Inc. "This transaction further solidifies our commitment to Philadelphia." In addition to Three Parkway, Behringer Harvard REIT I, Inc. also owns 1650 Arch Street, United Plaza (30 S. 17th Street) and the Wanamaker Building.