PHILADELPHIA | Highrise Development Thread IX

[Urbanthusiat]

Originally Posted by SJPhillyBoy

Big news.

This means the Camden Waterfront development is happening.

Liberty Property Trust to sell 108 properties for nearly $1B

http://www.philly.com/philly/business/re...sells_108_properties_for_nearly__1B.html

Or Comcast III

[Knight Hospitaller]

^^I was thinking the same thing.

[chris08876]

A before and after:


Credit: Thomas_Koloski

[Urbanthusiat]

Originally Posted by Knight Hospitaller

^^I was thinking the same thing.

I mean... A company doesn't just take on that much liquidity all out once without having something big planned, right? And Camden was always supposed to be phased. The American Water HQ is big, but not a billion dollars big. And it sure seems like Comcast is expanding quickly.

[summersm343]

Internet-marketing firm Sidecar moving to new office for expansion

Internet-marketing firm Sidecar will lease 15,550 square feet at the One South Broad office building to accommodate an expansion, SSH Real Estate said in a release on Monday.

Sidecar is consolidating from a 3,500-square-foot space at 114 S. 13th St. and a 2,400-square-foot temporary office at 123 S. Broad St., according to SSH, which represented the company in the lease.

Clients of Sidecar, which uses predictive technologies to help retailers optimize results on search engines and shopping sites, include Under Armour, Century 21 and Newegg.com, according to its website.

http://www.philly.com/philly/business/20..._moving_to_new_office_for_expansion.html

[summersm343]

Metro Commercial moves to bigger Center City offices

Mount Laurel, N.J.-based retail brokerage Metro Commercial Real Estate Inc. has moved its Center City Philadelphia operation to a 4,000-square-foot suite at 1760 Market Street, company president Tom Londres said.

The move from its previous 1,000-square-foot space in the Wells Fargo Building at 123 S. Broad St. enabled the company to increase its Center City headcount to 12 from four, Londres said Monday.

The company is boosting its Center City presence to keep up with the increasing number of transactions it handles in the district, Londres said. The move was completed July 15.

http://www.philly.com/philly/business/re...moves_to_bigger_Center_City_offices.html

[Hrytsyu]

Originally Posted by Knight Hospitaller

Others may be cynical, but I think you get the "Lord of the Manor" thing in the best sense.

I always had amazing landlords. Hence, my objective is to be like them. I am certain that does not guarantee me a great tenant, but it would be great if it did.

[Hrytsyu]

Originally Posted by 3rd&Brown

Yes. Multiple. I am also a landlord. Also, it sounds like you're a residential landlord. This bill is aimed at commercial properties, not residential properties. But good on you for thinking about how everything affects you first and not how it could be better for the city in the long run. Philadelphia receives something like only 25% of it's revenue from property taxes. Comparable cities get anywhere from 35%-65% of their revenue from property taxes (Boston, NY, DC, etc). They have lower business (revenue) taxes. Who's adding jobs the fastest? Not us.

I was using the residential parallel phenomena of the rental market to evaluate the commercial environment. I regret if that wasn't clear. The functions are the same. If the residential landlord must raise prices (or absorb them according to available margins), why would the commercial market (being a market) must do the same.

The legislative objective is to transfer loading of revenue sources: what is the ideal commercial tax level that leaves the rental market viable without damaging city tax revenue and guaranteeing city income.

Its interesting you make the discussion about me, instead. Why would anyone do that? haha.

[3rd&Brown]

You were clear. I'm telling you your assumptions are wrong.

The debatable point is not whether net net tax burden will change. Everyone agrees its a tax shift. On day 1.

The debatable point is whether or not different taxes encourage or result in variable revenue streams. The argument is that property taxes (at least for commercial properties) are less likely to discourage business growth than are direct taxes on profits and or business income.

Based on what we see compared to our peer cities, I think it's safe to assume rents (vis a vis increased commercial property taxes) do not discourage business investment in the way that the latter do (i.e. business profits and income). Also, this is just common sense.

All of our peer cities have higher property taxes and rental rates (by a wide margin). They also have much lower business taxes. See where we're going with this? At the very least, I think it's safe to assume what we're doing for the most part hasn't worked for the better part of a century. So while there is a chance I and the 20 various constituent groups who authored this study (you do realize it's a rarity to get any constituent groups to agree on anything in Philadelphia, let alone landlords, business leaders, and labor) it's probably worth taking a shot. You know? What's the worse that can happen? It frankly, can't really get much worse.

I like that it's a (calculated) risk. We have to try something different because the status quo hasn't done jack shit.

[1487]

CCD has office market report links in the latest update.

90% occupancy in the CBD. I didnt know Comcast leased 81k sf in 2 logan square last quarter. Also the report notes that 400k sf of office space was leased by out of town tenants since early 2015.

http://centercityphila.org/pressroom/ccnews072616.php

[3rd&Brown]

Originally Posted by 1487

CCD has office market report links in the latest update.

90% occupancy in the CBD. I didnt know Comcast leased 81k sf in 2 logan square last quarter. Also the report notes that 400k sf of office space was leased by out of town tenants since early 2015.

http://centercityphila.org/pressroom/ccnews072616.php

That constant din of announcements of minor moves (from the suburbs) and other regions does add up. I know it doesn't seem to move the needle, but it really does. Another round of these and you have enough space to build a new commercial building on spec.

[PhilliesPhan]

Looks like the 2017 NFL Draft will be held in Philly! According to the article, it would be the first time Philly has hosted since 1961!

http://www.phillymag.com/news/2016/07/27/nfl-draft-philadelphia-2017/

[shadowbat2]

Real estate construction, sales shrug off heat, convention

Despite temperatures stuck above the 90s and thousands of visitors in Philadelphia for the Democratic convention this week, the real estate industry is, so far, reporting business as usual.

http://www.philly.com/philly/business/re...n__sales_shrug_off_heat__convention.html

[jjv007]

Interesting read...

http://fivethirtyeight.com/features/phil...-from-problems-still-plaguing-cleveland/

[summersm343]

Analytics firm Archetype moving to Center City from Trevose

Tech firm Archetype Solutions is moving its headquarters from Trevose to a 7,300-square-foot space in Center City, according to PernaFrederick Commercial Real Estate, which negotiated the lease.

Archetype, which specializes in sales analytics, is relocating to the new space at 2124 Race Street to aid in its recruitment efforts, PernaFrederick broker Joe Viturello said in the Thursday release.

Staff are moving from the existing headquarters at 3160 Tremont Avenue in Trevose and another location at 899 Cassatt Road in Berwyn. The Race Street building is owned by the Communication Workers of America, which remains the structure's primary user.

http://www.philly.com/philly/business/re..._moving_to_Center_City_from_Trevose.html

[Macedonia is Greek]

So this morning I had the chance to chat with the crane operator from the new apartment building at Drexel the 32nd street tower. And he told me, that he heard that Verizon is planning to build a tower in the area of the Comcast towers and most importantly he said the building would be 1800 feet tall . Is there any truth to that? And also, a couple of weeks ago I was talking with a VP from Drexel, one that is involved with Realestate development. I asked about the master plan, and specifically about the one tower that is over 1000 feet from the renderings they put out? He told me that building is another Comcast tower. And most likely will not be built in university city but rather down town, next to the other sister towers .

[Schn3ll]

Originally Posted by Macedonia is Greek

So this morning I had the chance to chat with the crane operator from the new apartment building at Drexel the 32nd street tower. And he told me, that he heard that Verizon is planning to build a tower in the area of the Comcast towers and most importantly he said the building would be 1800 feet tall . Is there any truth to that? And also, a couple of weeks ago I was talking with a VP from Drexel, one that is involved with Realestate development. I asked about the master plan, and specifically about the one tower that is over 1000 feet from the renderings they put out? He told me that building is another Comcast tower. And most likely will not be built in university city but rather down town, next to the other sister towers .

If true, that would be incredible. Would be a little skeptical of a crane operator's inside info however.

Things do seem ripe for another large (possibly supertall) project. Comcast needs even more space beyond CITC, the DNC has shown that our hotel stock is still inadequate, and Liberty freeing up $1bn in liquid assets sure seems like enough to begin another massive project...

Fingers crossed!

[skyscraper]

Originally Posted by Macedonia is Greek

And also, a couple of weeks ago I was talking with a VP from Drexel, one that is involved with Realestate development. I asked about the master plan, and specifically about the one tower that is over 1000 feet from the renderings they put out? He told me that building is another Comcast tower. And most likely will not be built in university city but rather down town, next to the other sister towers .

So you asked about the tall building in the Schuylkill Yards plan, and his answer was that Comcast is building a third tower in Center City? Makes no sense. Please elaborate.

[Milksteak]

Originally Posted by Macedonia is Greek

So this morning I had the chance to chat with the crane operator from the new apartment building at Drexel the 32nd street tower. And he told me, that he heard that Verizon is planning to build a tower in the area of the Comcast towers and most importantly he said the building would be 1800 feet tall . Is there any truth to that? And also, a couple of weeks ago I was talking with a VP from Drexel, one that is involved with Realestate development. I asked about the master plan, and specifically about the one tower that is over 1000 feet from the renderings they put out? He told me that building is another Comcast tower. And most likely will not be built in university city but rather down town, next to the other sister towers .

I would love more than anything else for Verizon and Comcast to get into a supertall war...a 'mine is bigger than yours' type of competition.

A modern day Chrysler Building vs. 40 Wall Street if you will:

http://www.slate.com/blogs/the_eye/2014/...city_skyline_higher_by_neal_bascomb.html

[Castle]

Originally Posted by Macedonia is Greek

So this morning I had the chance to chat with the crane operator from the new apartment building at Drexel the 32nd street tower. And he told me, that he heard that Verizon is planning to build a tower in the area of the Comcast towers and most importantly he said the building would be 1800 feet tall . Is there any truth to that? And also, a couple of weeks ago I was talking with a VP from Drexel, one that is involved with Realestate development. I asked about the master plan, and specifically about the one tower that is over 1000 feet from the renderings they put out? He told me that building is another Comcast tower. And most likely will not be built in university city but rather down town, next to the other sister towers .

I'd imagine an 1,800 foot tower for Verizon would only be needed if they intended to move their corporate HQ from New York, and I have heard absolutely nil regarding that. I remember years ago some rumors of Verizon being a potential anchor tenant for the old ACC proposal, but nothing in recent years. As far as I'm aware, Verizon has lessened their presence in Logan 3 in recent years. I actually worked as a contractor for them back in the mid-2000's in that building.

The other thing regarding the Comcast tower makes absolutely no sense, unless Drexel's plan was to try to lore a Comcast presence on their side of the river and Comcast said no thanks. Strange.