News
BIG NEWS AT OUR STATE OF THE MARKET
September 15, 2011
| Remember that big announcement we told you Parkway Corp would have for us? (Price is Right voice) Well, it's a new hotel. |
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| This morning at the Park Hyatt, Parkway's president Rob Zuritsky(left) told our audience of more than 300 CRE pros that his company will build a new hotel in downtown Philly. He was scant on details, but sources tell us Parkway will come out of the ground with a 250-room Hilton hotel product at 12th and Arch. |
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| Rob was part of our first illustrious panel that included Keystone Property Group's Rich Gottleib, O'Neill Partners' Brian O'Neill, Trammell Crow's Jeff Goggins, and Reznick Group's Adam Kleeman (who deftly moderated). The struggles among some property owners are spelling huge deals for CRE buyers today, Brian told the audience. “In my business, if you're buying things five, 10 cents on the dollar, you have a long way to go to cover up your mistakes,†he says. “Deals that are done today, no matter the sector … are going to make money no matter.†|
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| Jeff says the office market will continue to strengthen throughout the year. “It's not going to be fantastic, but it's going to get better,†he says. Jeff also said “You can't run your business on CNN. Those guys aren't paid to report good news.†(We'll gladly call that an endorsement of Bisnow. We love reporting good news.) |
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| In the near-term, Rich tells us Philadelphia needs to work harder on retaining its educated talent to better the workforce. But long-term, the urban corridor will be where we see growth and opportunity. It's why some office investors are making big bets on downtown. “Today's generation wants to work and live downtown,†Rich says. |
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| During our morning Breakfast & Schmooze, we ran into CBRE's Mike Barker and JLL's Blaise Fletcher discussing how they're going to take over the world. To start with, Mike says he just secured a 65k SF lease with Academy in Manayunk at 1200 River Rd in Conshohocken. |
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| And we sipped some joe with Jacobs Realty Group's Peter Zingoni and ConEdison's Tom Krol (who was a valued sponsor of our event). Peter says he inked an 8,500 SF deal with Applied Ecological Services at 10 Balligomingo Rd in Conshohocken. And Tom says his company just finished a 100-acre solar array in Pikes Peak. |
