PHILADELPHIA | Highrise Development Thread X

[iheartphilly]

Originally Posted by mcgrath618

I've talked to Summers about becoming a mod. Apparently he's put in word for me but the administration of this site is kind of undergoing a meltdown at the moment. Until they straighten things out, nothing can be done about making me, or anyone else mod.

You have my vote to be a mod. Basically doing it already with creating threads, but some more functions like keeping convos on track would be good too. TBH, most of the convos intertwine with skyscraper construction and that's ok, but on few occasions some are way off topic and should be cut off short.

[mcgrath618]

I've noticed that the Denver transportation thread appears to be tagged as Denver. How did they manage to do it?

[Jayfar]

I think it had been mentioned here before that the EPA office in Philly is seeking new digs. Apparently they've found the space they were looking for and it's a lot less square footage. PBJ reports that the EPA is leaving 307,847 square feet at 1650 Arch to take 173,007 square feet at Four Penn Center, a 44% reduction.

EPA to leave 1650 Arch St. in Philadelphia - Philadelphia Business Journal

[cardeza]

Originally Posted by Jayfar

I think it had been mentioned here before that the EPA office in Philly is seeking new digs. Apparently they've found the space they were looking for and it's a lot less square footage. PBJ reports that the EPA is leaving 307,847 square feet at 1650 Arch to take 173,007 square feet at Four Penn Center, a 44% reduction.

EPA to leave 1650 Arch St. in Philadelphia - Philadelphia Business Journal

this is the trend in new leases. Which affects the likelihood of seeing NC office buildings. Companies are using more shared space and technology has reduced the need for filing rooms and cabinets and libraries. I can't think of any recent lease renewal or location change that involved the same or MORE space than the occupant currently has.

[jsbrook]

Anyone have any new intel on the sale/marketing of the Rite Aid lot at 23rd and Walnut? Next on my wish list would be a highrise condo to take out the one-story CVS at 15th and Spruce. Probably not happening in the near future as it always seems busy and is open 24 hours. But I think a high end project here would be great. That stretch of 15th Street is a bit gross as is the Avenue of the Arts parking garage, but Spruce Street is charming and the Atlantic Building and the Tower Formerly Known as SLS seems to me to be paving the way for something upscale here. A building here would have decent East-facing and South-facing views, and there are worst buildings to look at than the Drake for a West-facing view.

Maybe Parkway could buy the CVS lot and develop it with a partner, improving the tenants in the garage as part of package to be more appealing to wealthy owners. Current owner of the lot appears to be Food Depot Holdings, owned by Bob Hallinan of Newtown Square. Anyone know how long CVS's lease there runs?

[Nova08]

Law firm eyes a new Center City tower for next move
https://www.bizjournals.com/philadel...-for-next.html

“We have enjoyed our occupancy at 1701 Market Street, but we are currently in active negotiations to sign a letter of intent to move in three years to a new development at 2222 Market," said a Morgan Lewis spokesperson in a statement. "As we maintain a constant focus on client service, we believe this new development will provide creative space design infused with cutting-edge technology that will increase collaboration and operational efficiencies.”

[Boku]

Originally Posted by Nova08

Law firm eyes a new Center City tower for next move
https://www.bizjournals.com/philadel...-for-next.html

Full article:

Morgan Lewis, one of Philadelphia’s leading law firms, is eyeing a new office tower to house its vast Center City practice.

The firm is focused on 22nd and Market streets, a site where Parkway Corp. has proposed developing a 308,000-square-foot building. The law firm is now in 289,432 square feet at Six Penn Center at 1701 Market St. and its lease expires in 2021.

“We have enjoyed our occupancy at 1701 Market Street, but we are currently in active negotiations to sign a letter of intent to move in three years to a new development at 2222 Market," said a Morgan Lewis spokesperson in a statement. "As we maintain a constant focus on client service, we believe this new development will provide creative space design infused with cutting-edge technology that will increase collaboration and operational efficiencies.”

A representative from Parkway Corp. declined to comment.

The location is on the western edge of the Central Business District and is an area of the city getting more interest from developers and office tenants.

Most recently, Aramark Corp. relocated its headquarters to 2400 Market St. That building also houses the Fitler Club, a lifestyle club that has a range of amenities including dining, coworking, fitness and overnight rooms. Not far from there, at 23rd and Chestnut streets, Vanguard Group opened a satellite office.

It's not often new office towers get built in the Central Business District. The last two were built for Comcast Corp.

In addition to providing new office space for the law firm, the 23rd and Market site would give Morgan Lewis proximity to 30th Street Station, which houses regional rail and Amtrak and would give the firm better access to its offices in New York and Washington D.C. The location is also near the Schuylkill River Trail, Rittenhouse Square and other nearby restaurants and amenities.

Morgan Lewis is among several large tenants in the market looking for office space in Center City. With a limited amount of large blocks of space, developers have started to propose new projects to fill that void and seize upon potential anchor tenants who can kick off new office construction.

With more than two years left on its lease at 1701 Market, Morgan Lewis has time to have a new building constructed for the firm and settle on a new corporate home. It is likely not looking for a repeat of what happened when it searched for new space more than 20 years ago.

The last time Morgan Lewis looked for new office space, it was forced to move to 1701 Market, a building that had been vacant since 1993 when Conrail Inc. moved out. Its options were limited because it's efforts to stay where it was located, at One Logan Square, didn't work out. The firm attempted some last-minute maneuvers to stay at One Logan, but a deal never materialized.

The firm announced the move in 1996 and, in the fall of 1998, Morgan Lewis relocated to 1701 Market. It didn’t go well. According to a July 1999 report in the Philadelphia Business Journal, the firm was unhappy with the redesign of the building and its interior, which were described as “lifeless.” The firm also faced multiple problems after moving, including elevators routinely breaking down.

Three other office developments are in the works in Philadelphia. Parkway is also marketing a 400,000-square-foot project at 20th and Arch streets. Oliver Tyrone Pulver has proposed an 840,000-square-foot building at 13th and Market streets and Brandywine Realty Trust is marketing Schuylkill Yards in University City.

[summersm343]

Great news!!

[Nova08]

Definitely good news. I am always a little confused when the western edge of the CBD is touted as being close to 30th st. and transportation connections. I mean, we are talking a 5 block move west. This isn't the difference between downtown Manhattan and midtown as it relates to the proximity to Penn Station.

[cardeza]

Originally Posted by Boku

Full article:

308k isnt that big, I'm assuming that would be 15 floors or less. But better than a parking lot.

[jsbrook]

Originally Posted by Nova08

Law firm eyes a new Center City tower for next move
https://www.bizjournals.com/philadel...-for-next.html

Perfect. Everyone I know there is very happy about this. The interior of 1701 is a dump, and a lot of younger partners and associates live in Rittenhouse or Fitler Square. Great new location. As good and, for some, even better to walk to from home. I hope 1701 gets gutted and goes residential with a retail or restaurant tenant. Would really add to the vibrancy of that stretch of Market. Also would help facilitate more new construction if 1701 is not an option for other office tenants. MLB also does a fair bit of work for Aramark and Amtrak, and this location will be extremely close to them.

[Parkway]

Originally Posted by cardeza

308k isnt that big, I'm assuming that would be 15 floors or less. But better than a parking lot.

Assuming they don't overbuild anything on spec which they probably will. I think that kind of commitment would build about 500,000 square feet. I also remember something about that project being mixed use so apartments aren't out of the question.

Nevermind, I was thinking of the Brandywine project a block down.

[Redddog]

Originally Posted by Boku

Full article:

This is the first mention of 13th in Market I've seen in over a year.

Could it be?

[Urbanthusiat]

Originally Posted by Nova08

Definitely good news. I am always a little confused when the western edge of the CBD is touted as being close to 30th st. and transportation connections. I mean, we are talking a 5 block move west. This isn't the difference between downtown Manhattan and midtown as it relates to the proximity to Penn Station.

It really isn't that far. I walk from 30th to 23rd St a few times a week and it takes about 4 minutes. Google maps says the distance from 30th to this site is about 1,200 feet. In any case I'm glad to see some office development in this area. This proposal and the speculated Chubb building, and Riverwalk once it's complete will really add some life over here.

Originally Posted by Redddog

This is the first mention of 13th in Market I've seen in over a year. Could it be?

I think they're mentioning it simply as a known office proposal, rather than suggesting there is behind the scenes movement on it.

[jsbrook]

Originally Posted by Redddog

This is the first mention of 13th in Market I've seen in over a year.

Could it be?

It was never taken down from Pulver's website. Whether he is actively marketing it, I don't know.

[Knight Hospitaller]

Originally Posted by Parkway

Assuming they don't overbuild anything on spec which they probably will. I think that kind of commitment would build about 500,000 square feet. I also remember something about that project being mixed use so apartments aren't out of the question.

Nevermind, I was thinking of the Brandywine project a block down.

So was I, but I think subsequent renderings ditched the taller mixed use concept.

[Boku]

Here is the Philly.com article:

https://www.philly.com/real-estate/c...-20190530.html

The article references this one from March: Parkway seeks to build Center City rarity — a new office tower — where porn theater stood

https://www.philly.com/real-estate/c...-20190313.html

Philadelphia’s Parkway Corp. has taken early steps toward developing a new office tower on the west Market Street property where Center City’s last porn theater once operated.

Parkway began working in January on designs for an 18-story tower that would occupy most of the southern side of the 2200 block of Market Street, it said in an application for funding through the state’s Redevelopment Assistance Capital Program, which was provided to The Inquirer.

[Parkway]

So 18 floors with mechanical is about 300 feet. Could be taller but not bad for that location and honestly anything that brings life to that stretch of Market is a good thing.

[mcgrath618]

That'll be (in theory), four new office towers starting construction in 2019. They are:
1. 523 N Broad
2. SY Tower I
3. 22nd and Market
4. 20th and Arch

And hopefully 1301 Market can get going soon.

[Knight Hospitaller]

^ 323 N. Broad isn't ringing any bells...