As the chief executive officer and partner of MRA Group, Larry Stuardi has played a pivotal role in establishing the firm as a top healthcare, technology and academic-focused real estate development and services firm in the Mid-Atlantic region.
In 1991, Stuardi founded Medical Realty Advisors (now known as MRA Group) with a vision to cater to the real estate needs of the healthcare industry. Over the years, MRA Group has grown under Stuardi’s leadership and evolved into a diverse organization, providing real estate advisory, development and management services to leading healthcare, life science and higher education providers.
With Stuardi at the helm, MRA Group has executed more than $2 billion in real estate projects, including the transformation of the former AT&T campus into the acclaimed TEK Park, a multi- tenant technology campus.
“The most important risk we took at MRA Group was our first real estate acquisition of the former AT&T Bell Labs research center in Breinigsville, Pennsylvania, in 2006,” Stuardi said. “The nine- building, 133-acre campus had only one tenant occupying 70,000 square feet when MRA made the purchase. We renamed the campus TEK Park with the vision to create a synergistic, campus- like environment with cutting edge technology, university classrooms, conference facilities and a business commercialization center for entrepreneurial ventures.
“TEK Park emerged as one of the Mid-Atlantic’s premier multi-tenant technology campuses, comprised of over 800,000 square feet of existing and 500,000 square feet of ground-up, build-to-suit facilities. The redevelopment of TEK Park was a significant investment and a tremendous success as it established MRA Group as a top developer in the Philadelphia region’s life sciences industry.”
One of MRA Group’s most significant milestones was the acquisition and redevelopment of the former Rohm & Haas research and development campus, now known as Spring House Innovation Park. This project created a regional ecosystem of innovation and collaboration among leading life sciences companies, solidifying MRA Group’s position as a leader in life sciences real estate.
In the coming months and years, MRA Group’s immediate focus will be on the redevelopment and management of the Chestnut Run Innovation & Science Park, which will become northern Delaware’s hub for applied sciences.
Stuardi’s interest in giving back is reflected in MRA Group’s philanthropic initiative, Do Well to Do Good, which provides support to local charities, organizations and individuals through financial contributions and volunteer efforts.
“Honest and open communication with all company associates is essential for successful leadership as it fosters a culture of transparency, trust and collaboration,” Stuardi said. “By encouraging open dialogue, leaders create an environment where team members feel valued, respected and heard, which leads to increased engagement and productivity.”
