MRP Realty, Barings Close on Philadelphia Office Asset

Three Parkway was originally built in 1970 and underwent renovations in 2005.
Three Parkway
Three Parkway

Philadelphia—MRP Realty and Barings Real Estate Advisers, who acted on behalf of an institutional investor, announced the closing of Three Parkway, located at 1601 Cherry St. in Philadelphia. HFF’s Doug Rodio, Brett Segal and Ben Appel handled the transaction.

The 20-story, Class A, 600,000-square-foot asset was originally built in 1970 and underwent renovations in 2005. With current tenants including Drexel University, IBM and Enclara Pharmacia, MRP plans to continue upgrades on the property by renovating the lobby and common areas to enhance amenities for its tenants.

“MPR’s acquisition of Three Parkway is an exciting addition to our growing portfolio in Philadelphia,” said Charley McGrath, managing director of MRP, in prepared remarks. “Since its completion more than four decades ago, Three Parkway has been the premier local address for some of the nations most influential organizations and we are committed to continuing to attract high caliber tenants by providing the best space and amenities possible.”

Image courtesy of MRP Realty