Philadelphia Federal Reserve Bank

PHILADELPHIA-A healthcare services agency will move into new space at the Federal Reserve building downtown next month, in a relocation arranged by Newmark Grubb Knight Frank.

The real estate firm represented both sides as Healthcare Receivable Specialists, Inc. moved to lease 11,391 square feet at the building on Independence Mall. Matt Guerrieri represented the tenant, while James Egan and Jeffrey Tertel represented The Federal Reserve Bank.

“HRSI wanted to upgrade its image and improve quality of life for its employees,” Guerrieri said. “After a thorough regional search, we determined that the quality, location and amenities of the Federal Reserve building made it just the type of property HRSI was hoping to find, one that would meet the company’s needs today and into the future.”

The 20-year-old company manages receivables for healthcare providers, including Medicaid, medical assistance eligibility, billing and charity care programs. It processes documents for uninsured treatment reimbursement, and assists providers with meeting state and federal requirements for medical eligibility. 

“In addition to providing our employees with new, state-of-the-art space that matches our changing business model, the Federal Reserve building will provide additional features that no other property could match, including an in-house full-service dining facility, dry cleaners, fitness center and shared conference room space, among other services,” said Linda Wallace, president of HRSI, in a release.

The buildingat the corner of 6th and Arch streets sits directly across from the National Constitution Center.