Newmark Smith Mack represented the Greater Philadelphia Tourism Marketing Corporation (GPTMC) in the 10-year renewal lease at the United Plaza Building in Center City Philadelphia for 10,386 square feet of office space. GPTMC moved their offices from the 17th to the 20th floor increasing their space by 9,000 square feet.
Douglas E. Simon of Newmark Smith Mack represented GPTMC and Tom Hummel of NAI Geis Realty Group represented the landlord.
“Relocating from the 17th to the 20th floor at United Plaza afforded GPTMC the opportunity to remain in a centrally located building they had come to view as home, while at the same time allowing them the ability to completely re-imagine and redesign their offices to support their expanded size and mission,” said Doug Simon, Executive Director of Newmark Smith Mack. “Between the aggressive economics of the transaction, the unique physical opportunity on the 20th floor and the central location of United Plaza, GPTMC believed that the Owner was offering a compelling reason to sign up for another ten years.”
Tom Hummel of NAI Geis, added, “Greater Philadelphia Marketing and Tourism’s continued tenancy at United Plaza was of the upmost importance to ownership. GPTMC plays a vital role in bringing visitors to the City of Philadelphia. As a nonprofit, with a limited budget, the landlord was sensitive to structuring a deal that would benefit both parties and maintain this tenancy as part of the long term fabric of United Plaza.”
Greater Philadelphia Tourism Marketing Corporation (GPTMC) is a private, non-profit organization that promotes leisure travel to Philadelphia and The Countryside®. Recognizing that leisure tourism could be an important industry for the city and region, the City of Philadelphia, the Commonwealth of Pennsylvania and The Pew Charitable Trusts founded GPTMC in 1996. The following year, GPTMC launched the first consumer campaign inviting people to visit the five-county region (Bucks, Chester, Delaware, Montgomery and Philadelphia counties). Today, Greater Philadelphia welcomes 10 million more leisure travelers annually than it did in 1997. Greater Philadelphia welcomed 37.4 million domestic visitors in 2010, 33.1 million of whom were leisure visitors.
About Newmark Smith Mack
Newmark Smith Mack (NewmarkSM) is partners with Newmark, one of the largest real estate service firms in the world. Our local presence in Center City Philadelphia, Suburban Philadelphia, Wilmington, Delaware and Southern New Jersey, has secured us a leading position in the Greater Philadelphia region’s commercial real estate market for over 27 years through our commitment to service excellence. With multi-disciplined competency in Tenant Brokerage, Ownership Representation, Investment Sales, Corporate Advisory Services, Property Management, Market Research and Lease Administration, Newmark Smith Mack discovers, develops, and implements full service solutions. For complete information on NewmarkSM, visit www.NewmarkKFSM.com
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