PHILADELPHIA | Highrise Development Thread IX - Page 814

iheartphilly · #**16261** Posted **Nov 30, 2017, 6:19 PM**

Quote:

Originally Posted by Nova08

Keep in mind that this was just a comment from someone in Charlotte that was then picked up by multiple media outlet's to author articles like this. Nothing new and we have no idea why they presumed to receive word by tomorrow. I do not remember reading anything directly from Amazon that they plan to release a short list 6 weeks after the bids came in.

Earlier next year is what I remember reading from an article (don't recall the article though). That would make sense for them to look at the proposals in great detail.

skyscraper · #**16262** Posted **Nov 30, 2017, 6:45 PM**

Quote:

Originally Posted by Trich

I present evidence A: http://temple-news.com/news/drexel-tops-unsightly-campus-list/

The list was completed by Princeton Review.

Well I was at Drexel before that particular study, and it was second ugliest when I was there.

summersm343 · #**16263** Posted **Dec 1, 2017, 3:15 AM**

One Franklin Tower - 16th and Race - offices/luxury apartments/retail - redevelopment

summersm343 · #**16264** Posted **Dec 1, 2017, 3:22 AM**

Took a ton of photo updates today. Just uploaded them. Enjoy

PhilliesPhan · #**16265** Posted **Dec 1, 2017, 3:42 AM**

Quote:

Originally Posted by summersm343

Took a ton of photo updates today. Just uploaded them. Enjoy

Us usual, thanks for the comprehensive update!

This month's update is an exciting one. Summer's photos demonstrate that one tower crane has gone up and two more (Chinatown Eastern and Blue Horizon) are in the process of going up! At least two more (View II) will rise in the not-so-distant future. The next portion of this boom cycle will be interesting, as cranes are starting to pop up outside of Center City. North Philly will be getting three, University City will get a few with the first phases of Schuylkill Yards and uCity Square commencing, Chinatown now has a bird in the air, and Poplar may get one if 1300 Fairmount proceeds!

Boku · #**16266** Posted **Dec 1, 2017, 11:21 AM**

Comcast's Center City office footprint grows with lease renewal ahead of new tower

Comcast will occupy nearly 600,000 sq. feet of office space in Center City outside of its two buildings and it continues to grow. Can't wait to see Comcast 3!

http://www.philly.com/philly/business/re...-office-space-philadelphia-20171201.html

Nova08 · #**16267** Posted **Dec 1, 2017, 12:49 PM**

Quote:

Originally Posted by Boku

Comcast's Center City office footprint grows with lease renewal ahead of new tower

Comcast will occupy nearly 600,000 sq. feet of office space in Center City outside of its two buildings and it continues to grow. Can't wait to see Comcast 3!

http://www.philly.com/philly/business/re...-office-space-philadelphia-20171201.html

For those who might get stuck behind Philly.com's paywall

Comcast will increase it's space in 1717 Arch by 70,000 sq ft. to total 300,000 sq ft in the building. The deal runs through 2023.

1487 · #**16268** Posted **Dec 1, 2017, 1:08 PM**

Quote:

Originally Posted by Nova08

For those who might get stuck behind Philly.com's paywall

Comcast will increase it's space in 1717 Arch by 70,000 sq ft. to total 300,000 sq ft in the building. The deal runs through 2023.

well that pretty much tells you they dont expect a new building to be ready before that point.

Nova08 · #**16269** Posted **Dec 1, 2017, 1:40 PM**

Quote:

Originally Posted by 1487

well that pretty much tells you they dont expect a new building to be ready before that point.

I had that same initial reaction, but a few things to consider

1.) CITC will serve a different purpose. They may not want to throw an audit group in the middle of a floor of developers just because there was space. Also how many new hires, consultants, etc. do they plan with this new building. I forget if they've ever mentioned those figures.

2.) They still have 290,000 sq ft of space in other buildings. I am not sure of the lease terms in those buildings.

3.) 1717 Arch is an optimal building for Comcast to keep "spare" space considering how close it is to their two buildings

skyscraper · #**16270** Posted **Dec 1, 2017, 1:41 PM**

Quote:

Originally Posted by 1487

well that pretty much tells you they dont expect a new building to be ready before that point.

It's only 5 years. that tells me that they *do* expect to start a new building soon. If they announce it some time next year, go through reviews, permits, excavating, etc., then building, that could easily take 5 years. If they didn't expect a new building, they'd likely take a longer lease.

Groundhog · #**16271** Posted **Dec 1, 2017, 1:54 PM**

Quote:

Originally Posted by 1487

well that pretty much tells you they dont expect a new building to be ready before that point.

I'm not saying I know anything about the plans for #3, but I wouldn't read too much into that lease signing as an indicator.

A lot of the new building and any subsequent ones will likely be new hires rather than existing staff being shifted around. Comcast is making a lot of plays in new technology (thus the CTC), but they're still waaay behind a lot of the companies they want to complete with from a talent acquisition standpoint and will be hiring like crazy to get the numbers needed to compete properly. I can't give a timeline, but I'd put some money down on something at least being announced by 2023 AND a continuation of their current leases.

jsbrook · #**16272** Posted **Dec 1, 2017, 2:08 PM**

Quote:

Originally Posted by skyscraper

It's only 5 years. that tells me that they *do* expect to start a new building soon. If they announce it some time next year, go through reviews, permits, excavating, etc., then building, that could easily take 5 years. If they didn't expect a new building, they'd likely take a longer lease.

Agree. It would take a number of years to complete construction even if they started tomorrow. Also, 5 years is probably the shortest lease they could get.

Jawnadelphia · #**16273** Posted **Dec 1, 2017, 2:13 PM**

Yeah, I had a different reaction. This news - with the amount of space Comcast still needs, and it's growth--seemingly growing non-stop leads me to say tower #3 is right around the corner.

Look at like this. CTC was announced in January 2014, and no doubt planning for it must of began in 2012?? or 2013 at the latest. The building will be open for business in early 2018. That's like a 5-6 year turnaround. It's 2018 now (basically) -- totally makes sense #3 is right around the corner. Comcast needs the space, is growing, and wants its own vertical campus.

Also, side note, I love seeing the spray painted markers on the ground at the corner of 19th and Arch, and Cherry St. The lines appear to be property line markers with "L.P" ... no doubt Liberty Property? If they are already marking their lines on the street, leads me to believe something will happen so. They are using the parking lot currently for a lot CTC construction purposes, trucks are parked there for workers everyday. I think once CTC is done, it is going to be full steam ahead for whatever Comcast has planned next.

City Wide · #**16274** Posted **Dec 1, 2017, 2:58 PM**

I'd still like to see the next Comcast building to go up on to be on their lot along JFK, pretty much next to their first building. In all likelihood it wouldn't be much more then 15 to 20 stories tall, but I think it could do a lot to improve the street scape in that area. Such abuilding could easily connect to the underground world that Comcast has already created, it would be right on top of it!

Kidphilly · #**16275** Posted **Dec 1, 2017, 3:08 PM**

Quote:

Originally Posted by City Wide

I'd still like to see the next Comcast building to go up on to be on their lot along JFK, pretty much next to their first building. In all likelihood it wouldn't be much more then 15 to 20 stories tall, but I think it could do a lot to improve the street scape in that area. Such abuilding could easily connect to the underground world that Comcast has already created, it would be right on top of it!

or how about the lot between 24th/25th and Market and JFK

McBane · #**16276** Posted **Dec 1, 2017, 3:16 PM**

I could be wrong but don't most large commercial leases run 10 or 15 years? Five years seems like a deliberate move on Comcast's part. It's also very quick in terms of development time, so it's likely we can expect to hear something soon.

Personally, I don't think Comcast would have signed this lease without first consulting with LPT regarding the timetable for the new tower. The five year lease tells me Comcast and LPT feel that the new tower will be ready by 2023.

All in all, this to me solidifies what we've all thought and further, it really makes me think an announcement will be forthcoming in the next few months. Happy dance.

McBane · #**16277** Posted **Dec 1, 2017, 3:20 PM**

Quote:

Originally Posted by City Wide

I'd still like to see the next Comcast building to go up on to be on their lot along JFK, pretty much next to their first building. In all likelihood it wouldn't be much more then 15 to 20 stories tall, but I think it could do a lot to improve the street scape in that area. Such abuilding could easily connect to the underground world that Comcast has already created, it would be right on top of it!

What makes you think only 15-20 stories? The 300k s.f. in the BA Building alone equals roughly a 15 story building. And someone had said they have close to 300k in other buildings. That alone is about 600k and totally discounts any growth between now and when the new building opens as well as future growth.

That being said, I too would like to see the 2 Penn Plaza site finally developed.

Knight Hospitaller · #**16278** Posted **Dec 1, 2017, 5:06 PM**

Dittos on the site at 18th & JFK. While they can't go too high there, apparently, how do they NOT build right in the middle of their campus with an underground connection already present?

City Wide · #**16279** Posted **Dec 1, 2017, 6:36 PM**

Quote:

Originally Posted by Kidphilly

or how about the lot between 24th/25th and Market and JFK

Those sites wouldn't be part of their "campus". I'm not sure how important that would be, but it does seem to be part of Comcast's plans.

I wonder what it would cost Comcast to just go ahead and purchase 1717 Arch? Certainly it would be 'on campus'.

hammersklavier · #**16280** Posted **Dec 1, 2017, 7:11 PM**

I wouldn't be too surprised if the added expense of building over Suburban Station's throat combined with the foundations-in-place only supporting a construction about the height of 1 Penn Center (although shouldn't these cancel each other out?) are the major reasons we've seen zero movement on 2 Penn Plaza over the last decade.