An exciting new tenant has relocated their corporate headquarters to 1818 Market Street! On Monday, January 16, 2012, Five Below opened their new corporate headquarters. This leading retailer has initially leased 35,500 square feet on the nineteenth and a portion of the twentieth floor, with an option of expanding to a total of 60,000 square feet. 1818 Market is one of Philadelphia’s prominent center city high-rise locations and boasts numerous tenant amenities, and superb views of the city and beyond.
“We are excited to be in our new space and are looking forward to many terrific years at 1818 Market Street,” said Tom Vellios, Co-Founder and Chief Executive Officer of Five Below.
In order to accommodate Five Below’s tight delivery requirements, 1818 Market completed a full build-out within less than twelve weeks, meeting all of the tenant’s conditions. David Schlessinger, Co-Founder and Executive Chairman of Five Below commented that, “all parties involved did a fantastic job working through some challenging issues. We are well positioned in our new office to support our growing space requirements.” Five Below currently has over 100 employees in its corporate headquarters and expects to double this over the next three years.
Jim Mullarkey, Bill Finnegan and Les Haggett of Newmark Smith Mack’s Philadelphia office represented Daymark Realty Advisors, Inc., owner sponsor of the property, as the exclusive leasing agent of 1818 Market Street and Stephen Perna of PernaFrederick Commercial Real Estate represented the tenant Five Below.
“We are pleased to welcome a successful and growing tenant such as Five Below to our 1818 Business Community,” said Jim Mullarkey, Partner of Newmark Smith Mack.
About Five Below
Five Below is the leading retailer of trend-right, extreme-value merchandise for the teen and pre-teen market - all for $1.00 to $5.00. They currently have 192 locations in 16 states. Five Below’s dynamic assortment of merchandise includes everything from sporting goods, games, fashion accessories and jewelry, to hobbies and collectibles, bath and body, candy and snacks, room décor and storage, stationery and school supplies, video game accessories, books, dvds, iPhone accessories, novelty and “gag,” and seasonal items. Five Below combines exceptional value with trend-right, quality merchandise in a vibrant shopping environment.
Five Below was founded by David Schlessinger, Founder of Encore Books and Zany Brainy, and Tom Vellios, former CEO of Zany Brainy.
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
About Newmark
Headquartered in New York, Newmark and London-based partner Knight Frank together operate from more than 240 offices in established and emerging property markets on five continents. With a combined staff of more than 7,000 and revenues last year exceeding $993 million, this major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark is a part of BGC Partners, Inc. (NASDAQ:BGCP), a leading global brokerage company primarily servicing the wholesale financial markets. For further information, visit www.bgcpartners.com.