PHILADELPHIA | Highrise Development Thread IX

[summersm343]

Say what now? Community College of Philadelphia Development

Drew Murray also reported that he met with Lynette Brown-Sow of the Community College of Philadelphia to discuss the college’s proposal for a tall mixed use building at 15th and Hamilton Streets. The project is in very early stages but may come to LSNA’s attention in the near future.

https://docs.google.com/a/lsnaphilly.org...bHNuYXBoaWxseXxneDo2YzM2YzBhNjgyMjNhNzE2

[Eigenwelt]

Schuylkill Yards with Cira 2 photoshopped in. I used a photo of the actual architectural model so the massing and height should be pretty accurate. I am also working on a wider version of this image that would include other proposals for the area.



CITC came out a little wonky, and because of the differing angles the rail yard is a bit squashed/fore-shortened. In reality the capping should extend all the way back to the Spring Garden bridge, so it will actually be more impressive when built.

[Outta here]

WOW .

[boxbot]

Nice job!

[jsbrook]

Nice work, Eigenwelt! That looks pretty, pretty good. As Larry David would say.

[cafeguy]

Originally Posted by summersm343

Say what now? Community College of Philadelphia Development



https://docs.google.com/a/lsnaphilly.org...bHNuYXBoaWxseXxneDo2YzM2YzBhNjgyMjNhNzE2

hmmm... a tall building for a community college is a little odd, but perhaps they are looking to take advantage of the neighborhood's growth. I have always heard perpetual stories of growth for CCP. With the morman building and others coming up in this neighborhood, it really begs for active use of the submerged viaduct...probably best for a bus or rail. It really could have a huge impact if it led to a direct connection into the subways.

[PhilliesPhan]

According to Business Insider, Philly ranks #15 in "The 20 Best Places in America if You Want to Make a Lot of Money". We beat out Chicago, but still trailed behind Baltimore, LA, New York, and San Francisco.

http://www.businessinsider.com/best-places-to-live-in-america-for-a-high-salary-2016-3

Works for me though!

[summersm343]

Comcast takes more space in Center City

Comcast Corp. has grabbed roughly 81,000 square feet at Two Logan Square as the cable company continues to be bursting at the seams and in need of additional office space in Philadelphia.

In its latest move, the company leased a total of four floors at the Center City office building at 100 N. 18th St., confirmed John Demming, a company spokesman.

This isn’t the first time Comcast (NYSE:CMCSA) has expanded beyond its Comcast Center headquarters and into other buildings in the city. It occupies about 100,000 square feet in Centre Square and Three Logan Square.

According to Brandywine Realty Trust’s latest annual report, Comcast is one of its leading tenants and occupies 418,029 square feet of its office space. Brandywine owns Two Logan Square.

While the company dominates the cable industry, it continues to grow as a media and technology company.

The space it has taken in other buildings is temporary.

The Comcast Innovation & Technology Center is under construction and expected to be completed by early 2018. Liberty Property Trust (NYSE: LPT) is developing the new innovation tower, which will stand 60 stories and have a total of 1.7 million square feet of space. Of that, 1.33 million square feet will be office space and Comcast has committed to all of it.

http://www.bizjournals.com/philadelphia/...ter-city-two-logan-square-cre-lease.html

[summersm343]

Report: BNY Mellon may be planning to vacate namesake Market St. site

Bank of New York Mellon may be on track to vacate its namesake Market East building in 15 months as it downsizes its Philadelphia presence, according to a report from Morningstar Credit Ratings L.L.C.

BNY Mellon reportedly reduced its office occupancy at Mellon Independence Center at 701 Market St. to 14.5 percent through June 2017 from a previous 21.3 percent, Morningstar said Tuesday.

"In our view, the reduced rented space could be a holdover lease before the tenant completely vacates the property in 2017," the ratings agency said.

Read more at http://www.philly.com/philly/business/re...Market_St__site.html#XegMzgZHTDDTSIjY.99

[Outta here]

Originally Posted by summersm343

Comcast takes more space in Center City

http://www.bizjournals.com/philadelphia/...ter-city-two-logan-square-cre-lease.html

...... So then , what are the chances Comcast does a little additional consolidation
at CITC and actually DOES rise a few more floors ..... say two/three/ten ,

That might set the roof height at 1031' and the architectural lantern at about 1241'

[summersm343]

The Lits brand is back as BNY Mellon downsizes at Market St. site

The owners of Center City's Lit Bros. building are restoring the former department store's historic moniker, as its main tenant - Bank of New York Mellon - slims down its presence at the site.

Brickstone Cos. is striking Mellon Independence Center from the edifice at 701 Market St. and replacing it with a new, old name: The Lits Building.

Precise timing on the rebranding is unclear, but it will occur "sooner rather than later," Mark Merlini, a Brickstone partner, said Tuesday.

BNY Mellon signed an 18-month lease for 104,222 square feet at the building starting Jan. 1, down from the 153,194 square feet it occupied until then, according to Morningstar Credit Ratings L.L.C. vice president Edward Dittmer, who coauthored a report on how the bank's departure would impact the property's $65.5 million mortgage.

Brickstone also is reconfiguring a large contiguous space that will include the 23,000 square feet now used for a data center by financial technology firm Fiserv Inc., Merlini said.

The expiration of Fiserv's lease in August will yield a 100,000-square-foot block that Brickstone can market to a tech tenant in need of offices and high-end server space, he said.

"We have several prospects," Merlini said.

Read more at http://www.philly.com/philly/business/re...Market_St__site.html#oGL3pQeFfFIIZQdR.99

[1487]

Originally Posted by summersm343

The Lits brand is back as BNY Mellon downsizes at Market St. site




Read more at http://www.philly.com/philly/business/re...Market_St__site.html#oGL3pQeFfFIIZQdR.99

thats a big hole in the class A market. Along with the upcoming vacancy in the CBD by FMC.

[McBane]

It's disappointing news for sure. Market East needs to remain a viable office district, or else there is no hope for 8th and Market to get a nice tall office building

[New2Fishtown]

It will be interesting to watch if and how tenants diversify in the Market East office market. This area's historically catered to government and lower-rent tenants, but the past few years have seen Penn Mutual (now One Washington Sq), the Curtis, Public Ledger, Dow, the Bourse, 325 Chestnut, and 400 Market all change hands, most with an eye toward repositioning, some of which we've already seen with the IBG and La Colombe, and some of which is announced and forthcoming. Brickstone seems to be stepping up their game at 701 as well with the facade improvements and signage and planned public improvements. As the quality of the office stock improves and as the area gathers more amenities, one would think that it will begin to appeal to a wider array of users, particularly as space remains tight west of Broad Street.

[Arch+Eng]

Originally Posted by New2Fishtown

It will be interesting to watch if and how tenants diversify in the Market East office market. This area's historically catered to government and lower-rent tenants, but the past few years have seen Penn Mutual (now One Washington Sq), the Curtis, Public Ledger, Dow, the Bourse, 325 Chestnut, and 400 Market all change hands, most with an eye toward repositioning, some of which we've already seen with the IBG and La Colombe, and some of which is announced and forthcoming. Brickstone seems to be stepping up their game at 701 as well with the facade improvements and signage and planned public improvements. As the quality of the office stock improves and as the area gathers more amenities, one would think that it will begin to appeal to a wider array of users, particularly as space remains tight west of Broad Street.

I was hoping that Market East transitioned into a design center.
We have Eds & Meds, Tech Centers, Ave. of the PERFORMING Arts...but no place for designers. We need a place (I am thinking old city) for fashion designers & furniture makers etc.
I know one of the buildings was designed to attract designers.
I think that would be cool.

[Baconboy007]

Originally Posted by McBane

It's disappointing news for sure. Market East needs to remain a viable office district, or else there is no hope for 8th and Market to get a nice tall office building

Aramark is shopping around as their lease is up. They have entertained locations outside of the city/state.

[Outta here]

Originally Posted by McBane

It's disappointing news for sure. Market East needs to remain a viable office district, or else there is no hope for 8th and Market to get a nice tall office building

I have broken the point off my Staedtler pen many times , trying to present a
reasonable replacement for that ugly 🞵🞵🞵 parking lot . As previously stated , I
am beginning to believe , Philly will be annexed by Canada before ANYTHING
pokes it's head up out of the ground at that location ...... I am ready for commitment .

[1487]

Originally Posted by New2Fishtown

It will be interesting to watch if and how tenants diversify in the Market East office market. This area's historically catered to government and lower-rent tenants, but the past few years have seen Penn Mutual (now One Washington Sq), the Curtis, Public Ledger, Dow, the Bourse, 325 Chestnut, and 400 Market all change hands, most with an eye toward repositioning, some of which we've already seen with the IBG and La Colombe, and some of which is announced and forthcoming. Brickstone seems to be stepping up their game at 701 as well with the facade improvements and signage and planned public improvements. As the quality of the office stock improves and as the area gathers more amenities, one would think that it will begin to appeal to a wider array of users, particularly as space remains tight west of Broad Street.

The BNY moves show how so much of current downsizing and office relocation has nothing to do with taxes and everything to do with mergers and hedge funds pressuring companies to cut costs. In many ways Philly will be better off with a higher number of small to medium sized companies than a few large ones that occupy huge chunks off office space. Between spinoffs and mergers and drastic cuts to satisfy stockholders big companies are a 🞵🞵🞵🞵🞵🞵.

[3rd&Brown]

Originally Posted by 1487

The BNY moves show how so much of current downsizing and office relocation has nothing to do with taxes and everything to do with mergers and hedge funds pressuring companies to cut costs. In many ways Philly will be better off with a higher number of small to medium sized companies than a few large ones that occupy huge chunks off office space. Between spinoffs and mergers and drastic cuts to satisfy stockholders big companies are a 🞵🞵🞵🞵🞵🞵.

Yes and No.

Agree Philly shouldn't be reliant on these big companies but on the same note, the big companies are the ones that manage costs of employees down to the fifth decimal place and if they're cutting here before other places it means the costs are too high. I'd assume that comes in the form of our onerous state and city business taxes.

[1487]

Originally Posted by 3rd&Brown

Yes and No.

Agree Philly shouldn't be reliant on these big companies but on the same note, the big companies are the ones that manage costs of employees down to the fifth decimal place and if they're cutting here before other places it means the costs are too high. I'd assume that comes in the form of our onerous state and city business taxes.

who said they aren't cutting other places? Look at what's happening in Delaware with Dupont and layoffs due to the company splitting. This is going on all over and low taxes won't stop it.