PHILADELPHIA | Highrise Development Thread IX - Page 209

ichigo · #**4161** Posted **Aug 1, 2014, 3:35 PM**

Quote:

Originally Posted by gfspeople

http://www.bizjournals.com/philadelphia/...sportation-projects-in-philadelphia.html

With nearly $5 billion set for improvements in roads, bridges and mass transit across the Philadelphia region, the Delaware Valley Regional Planning Commission released its four-year schedule of infrastructure projects, all of which is scheduled to start in the beginning of 2015.

Crap, so every road you would ever want to take will be repaved at the same time. Last time they did this, they repaved 76, 676 and 95 all at the same time! Not that we don't need it ... just like to complain about the traffic haha

summersm343 · #**4162** Posted **Aug 1, 2014, 3:42 PM**

Two more office buildings to start by the end of 2016?

I was told today that two more office buildings could start by the end of 2016 both being developed by Liberty Property Trust. The first would be their planned tower at 19th and Arch which is still set to rise 22 floors and 370 feet. This project will be separate from Comcast. The second would be on the grass plot at 18th and JFK where there is already foundation laid that can hold up to 500 feet. This tower will be majority occupied by Comcast. I will keep you updated should I hear anymore.

1487 · #**4163** Posted **Aug 1, 2014, 4:22 PM**

Quote:

Originally Posted by summersm343

Two more office buildings to start by the end of 2016?

I was told today that two more office buildings could start by the end of 2016 both being developed by Liberty Property Trust. The first would be their planned tower at 19th and Arch which is still set to rise 22 floors and 370 feet. This project will be separate from Comcast. The second would be on the grass plot at 18th and JFK where there is already foundation laid that can hold up to 500 feet. This tower will be majority occupied by Comcast. I will keep you updated should I hear anymore.

wow. that would be crazy if true. With the CBD vacancy rate at 11% this seems hard to believe.

summersm343 · #**4164** Posted **Aug 1, 2014, 4:27 PM**

Quote:

Originally Posted by 1487

wow. that would be crazy if true. With the CBD vacancy rate at 11% this seems hard to believe.

There is not a lot of large chunks of empty trophy space/class A space. With the new Comcast Towers and FMC going up there may be more available space opening up.

blorkishdork · #**4165** Posted **Aug 1, 2014, 6:04 PM**

That is awesome news if true. I am not surprised at all that there is demand. The office building I am currently in keeps getting filled and many of the companies are expanding at a nice clip (including my own). Although, I will say I am surprised to see that the vacancy rate is at 11%, I thought it would be much lower than it is. With the economy increasingly shaking off the rust, Comcast constantly expanding and other companies continuing to expand or relocate in center city, office demand seems to be only going up!

tsarstruck · #**4166** Posted **Aug 1, 2014, 6:21 PM**

Quote:

Originally Posted by summersm343

The second would be on the grass plot at 18th and JFK where there is already foundation laid that can hold up to 500 feet.

Huh? Where?

blorkishdork · #**4167** Posted **Aug 1, 2014, 6:35 PM**

^^^Northeast corner, where Pennsylvania plaza two would/should have been built.

Flyers2001 · #**4168** Posted **Aug 1, 2014, 6:37 PM**

http://www.philly.com/philly/living/2014...an_overlooked_pocket_of_Center_City.html

McBane · #**4169** Posted **Aug 1, 2014, 6:48 PM**

Awesome news! Yes, this is the northeast corner of 18th and JFK, right next to the Comcast Center. It was supposed to be the sister building to the Comcast Center and stand at about 350 feet tall. Would you believe that when the Comcast Center was first announced, Comcast didn't have the entire building leased and this 350 ft building was supposed to be an optional just-in-case-more-space-is-needed-down-the-line thing. First, they leased more space in the original Comcast then originally planned before it was even finished; then they come out with an 1100+ footer; now they're going to build a third tower???

summersm343 · #**4170** Posted **Aug 1, 2014, 6:50 PM**

Quote:

Originally Posted by McBane

Awesome news! Yes, this is the northeast corner of 18th and JFK, right next to the Comcast Center. It was supposed to be the sister building to the Comcast Center and stand at about 350 feet tall. Would you believe that when the Comcast Center was first announced, Comcast didn't have the entire building leased and this 350 ft building was supposed to be an optional just-in-case-more-space-is-needed-down-the-line thing. First, they leased more space in the original Comcast then originally planned before it was even finished; then they come out with an 1100+ footer; now they're going to build a third tower???

If the deal with TWC does not go through, you can bet this third tower will be put on the back burners.

summersm343 · #**4171** Posted **Aug 1, 2014, 6:54 PM**

Quote:

Originally Posted by 1487

wow. that would be crazy if true. With the CBD vacancy rate at 11% this seems hard to believe.

Quote:

Originally Posted by blorkishdork

That is awesome news if true. I am not surprised at all that there is demand. The office building I am currently in keeps getting filled and many of the companies are expanding at a nice clip (including my own). Although, I will say I am surprised to see that the vacancy rate is at 11%, I thought it would be much lower than it is. With the economy increasingly shaking off the rust, Comcast constantly expanding and other companies continuing to expand or relocate in center city, office demand seems to be only going up!

The most important number to look at (at least considering new office construction) is the Trophy space and Class A office space availability. This market is so tight and there is very little space available left. Companies that are willing to lease space in new construction are not the same companies that are filling B and C class office space which is the part of the market that is jacking up the vacancy numbers. If you look at class A and Trophy space, the vacancy rate is probably about 5% which is very tight, and there is not much in the way of large chunks of space available.

http://www.bizjournals.com/philadelphia/...rophy-space-left-in.html?s=image_gallery

Now when FMC vacates BNY Mellon, that will dump some Trophy space on the market. How quickly will this get filled? I bet any companies LPT has up their sleeves to lease space in a new tower at 19th and Arch do not want to wait around to find out.

summersm343 · #**4172** Posted **Aug 1, 2014, 6:59 PM**

Quote:

Originally Posted by tsarstruck

Huh? Where?

Quote:

Originally Posted by blorkishdork

^^^Northeast corner, where Pennsylvania plaza two would/should have been built.

It's actually the southeast corner.

If you look at the renderings of Comcast Center, there is a 300 footer sitting on the southeast corner. Today there is just greenspace there. Under that greenspace sits foundations that can support up to 500 feet

tsarstruck · #**4173** Posted **Aug 1, 2014, 7:17 PM**

Quote:

Originally Posted by summersm343

It's actually the southeast corner.

If you look at the renderings of Comcast Center, there is a 300 footer sitting on the southeast corner. Today there is just greenspace there. Under that greenspace sits foundations that can support up to 500 feet

You're talking about the same spot: it's the southeast section of the lot, but the northeast corner of 18th and JFK. And I'm an idiot for somehow thinking of that space but still failing to realize that.

summersm343 · #**4174** Posted **Aug 1, 2014, 7:27 PM**

Quote:

Originally Posted by tsarstruck

You're talking about the same spot: it's the southeast section of the lot, but the northeast corner of 18th and JFK. And I'm an idiot for somehow thinking of that space but still failing to realize that.

Yes lol. Sorry for any confusion.

EastSideHBG · #**4175** Posted **Aug 1, 2014, 8:59 PM**

PREIT gets a partner for Gallery makeover

Read more at http://www.philly.com/philly/business/20...allery_makeover.html#HLOsXZzjl8acVA7d.99

summersm343 · #**4176** Posted **Aug 1, 2014, 9:15 PM**

Quote:

Originally Posted by EastSideHBG

PREIT gets a partner for Gallery makeover

Read more at http://www.philly.com/philly/business/20...allery_makeover.html#HLOsXZzjl8acVA7d.99

Good to see. A lot of names thrown around here. Also mentioned that there is heavy retailer interest in the East Market development.

Jawnadelphia · #**4177** Posted **Aug 1, 2014, 9:38 PM**

So Liberty feels there's definitely a market for 2 new buildings in Center City (in addition to CITC and FMC), but Brandywine still sits on 1919 Market w/ delay after delay - shameful. Yes, everything they are doing in Univ. City is awesome, but I'm not happy with them until something happens at 1919 (and it should be big).

Would you rather have a 500ft and 300ft at the locations mentioned above, or say an 800 footer at 1919?

summersm343 · #**4178** Posted **Aug 1, 2014, 9:52 PM**

Quote:

Originally Posted by TallCoolOne

So Liberty feels there's definitely a market for 2 new buildings in Center City (in addition to CITC and FMC), but Brandywine still sits on 1919 Market w/ delay after delay - shameful. Yes, everything they are doing in Univ. City is awesome, but I'm not happy with them until something happens at 1919 (and it should be big).

Would you rather have a 500ft and 300ft at the locations mentioned above, or say an 800 footer at 1919?

How about all three?

I'd be happy with a 600 footer at 1919 Market honestly. Throw 20 floors of office space on that baby and you easily reach 600+ feet since the tower is already 347 feet as proposed. Brandywine could honestly probably find someone easy to fill at least half of that.

Jawnadelphia · #**4179** Posted **Aug 1, 2014, 9:53 PM**

Quote:

Originally Posted by summersm343

Good to see. A lot of names thrown around here. Also mentioned that there is heavy retailer interest in the East Market development.

That partner - Macerich- owns a mall in Chicago that has an Eataly, Bloomingdale's etc... maybe that could be the future for The Gallery.

summersm343 · #**4180** Posted **Aug 1, 2014, 9:59 PM**

Quote:

Originally Posted by TallCoolOne

That partner - Macerich- owns a mall in Chicago that has an Eataly, Bloomingdale's etc... maybe that could be the future for The Gallery.

Agreed. It's doable. Even if we have your typical suburban mall tenants: Hollister, Abercrombie, Forever 21- etc. That would be a huge success! I'd bet H&M and Urban would open additional stores here as well.

It'd be satisfied with that as a start.