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Old Posted Dec 30, 2015, 2:44 PM
domodeez domodeez is offline
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Join Date: Apr 2014
Location: Wilmington
Posts: 472
Quote:
Originally Posted by TallCoolOne View Post
I agree, this parking lot sale is relative small potatoes considering they just made over $350 mil off the IRS building. I think it's clear they are selling off pieces in order to further new developments in Philadelphia.
Agree. That's what I was getting at but didn't explicitly state it.

Quote:
Originally Posted by TallCoolOne View Post
On a side note, this is finally some good news for Wilmington. That parking lot has sat vacant for over a decade, but the whole time has had a big sign with a rendering of a fabulous mini-Cira Centre type tower for Wilmington (which of course never came to fruition). I always thought it was just another example of Wilmington's decline ...how that sign wasted away ...year after year....never to be built.

But - since Chase already has 2 buildings here, and is adding some 1800 jobs to the area, it looks like #3 will finally be built.
The only reason JPMorgan Chase has been buying up the buildings it leases from Brandywine is because new IRS tax laws make it more appealing for corporations to own, rather than lease buildings. I agree Chase wouldn't buy this surface lot unless it was planning to finally develop this Pelli-designed tower (or something else, I suppose) as part of its employment expansion. We can all look forward to more frequent Philly-Wilmington SEPTA express trains in conjunction with that expansion as well.

Brandywine has been wanting to exit the entire Delaware market for a few years now, but that is more a reflection of their larger strategy than it is a commentary on Wilmington. 2016 is shaping up to be a huge year for Wilmington. Lots of really big news on the way.
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