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MRP Realty Under Contract To Expand In Center City

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MRP Realty Under Contract To Expand In Center City

MRP Realty is under contract to purchase office building Three Parkway, further expanding the DC-based company's presence in Philadelphia.

Situated at Cherry Street and the Ben Franklin Parkway, Three Parkway is a 20-story, 561k SF office building that counts Drexel University as one of its anchor tenants.  MRP will be purchasing it from Texas-based TIER REIT, which will exit the Philadelphia CBD with the sale, according to the Philadelphia Business Journal.

This purchase continues MRP's invasion of the Philly market, following up its purchase of multiple Old City buildings early in 2016. With Three Parkway, MRP would own about 1.7M SF of property in Philadelphia.