PHILADELPHIA | 3001 JFK Boulevard | Schuylkill Yards | 512 FT | 34 FLOORS

[Nova08]

Brandywine plans March groundbreaking for first new high-rise at West Philly’s Schuylkill Yards site
https://www.inquirer.com/news/brandy...-20210203.html

[TempleGuy1000]

Awesome

[summersm343]

Originally Posted by Nova08

Brandywine plans March groundbreaking for first new high-rise at West Philly’s Schuylkill Yards site
https://www.inquirer.com/news/brandy...-20210203.html

"Brandywine Realty Trust plans to begin construction of the first new tower at its Schuylkill Yards redevelopment site in March after securing a partner to help finance the West Philadelphia project.

The planned 570,000-square-foot, 28-story building, dubbed Schuylkill Yards West, is slated to include 326 apartments over 200,000 square feet of labs for life-science tenants and offices, along with 9,000 square feet of shops and restaurants."

[Nova08]

From PBJ
Brandywine expects to break ground on $287M Schuylkill Yards building in March
https://www.bizjournals.com/philadel...-building.html

The Philadelphia real estate investment trust said Dechert, one of Philadelphia’s largest law firms, is in discussions to occupy 110,000 square feet in the upper floors of Cira Centre. The firm currently occupies around 240,000 square feet space in the office tower and is scheduled to give some of its space back this year, Brandywine executives said during a fourth quarter conference call on Wednesday.

So there goes Dechert being an anchor on 3001.

[Jawnadelphia]

Dechert's decision to go smaller with office space, from 240,000 sq ft to 110,000 sq ft is probably the "new norm." Law firms are typically very conservative, but the last year of working from home 100% firm wide for a lot of the big boy firms has finally shown upper management/partners that embracing new technology is not such a bad thing, along with allowing greater work flexibility for employees. So even very traditional/old-school work environments, like corporate law firms, are seeking less office space (I bet a lot of non-legal depts within those firm--HR, IT, accounting, might end up working from home permanently.

[DudeGuy]

Why would an institutional investor not want to be publicly revealed? I've never seen that and I read more commercial real estate press releases than your average joe.

[700 Level]

Originally Posted by DudeGuy

Why would an institutional investor not want to be publicly revealed? I've never seen that and I read more commercial real estate press releases than your average joe.

Definitely unusual. Maybe a foreign investor not looking for attention? Or a domestic player who doesn't want to introduce any risk of being "cancelled" in today's Salem witchcraft environment?

[Boku]

Originally Posted by 700 Level

Definitely unusual. Maybe a foreign investor not looking for attention? Or a domestic player who doesn't want to introduce any risk of being "cancelled" in today's Salem witchcraft environment?

Lol wut

[DudeGuy]

I spoke to some people who work in commercial real estate and the general thought was that it's likely a foreign source, perhaps a sovereign wealth fund or other pseudo-governmental entity.

[700 Level]

Originally Posted by DudeGuy

I spoke to some people who work in commercial real estate and the general thought was that it's likely a foreign source, perhaps a sovereign wealth fund or other pseudo-governmental entity.

That makes sense. In any case, it is great news to have outside investors show confidence in the Philadelphia market. We are seeing it with some of the large New York developers and we might be seeing it here. Next goal: continue to increase the flow of venture capital funds into the local start-up scene. That is the jet fuel that can move projects from the proposal board to construction status.

[eixample]

Originally Posted by Jawnadelphia

Dechert's decision to go smaller with office space, from 240,000 sq ft to 110,000 sq ft is probably the "new norm." Law firms are typically very conservative, but the last year of working from home 100% firm wide for a lot of the big boy firms has finally shown upper management/partners that embracing new technology is not such a bad thing, along with allowing greater work flexibility for employees. So even very traditional/old-school work environments, like corporate law firms, are seeking less office space (I bet a lot of non-legal depts within those firm--HR, IT, accounting, might end up working from home permanently.

It's interesting to hear of a law firm reducing that much space since much of their space is taken up by lawyers' offices. I'm guessing most, if not all, associates will be sharing offices and junior partners' offices will be shrunk. Less conference rooms probably too with many meetings taking place online. I'm guessing switching to an open floor plan would be too radical. And will secretaries work from home (there'll probably be less of them)? I'm curious how big law will adapt to the change.

[Redddog]

Originally Posted by 700 Level

That makes sense. In any case, it is great news to have outside investors show confidence in the Philadelphia market. We are seeing it with some of the large New York developers and we might be seeing it here. Next goal: continue to increase the flow of venture capital funds into the local start-up scene. That is the jet fuel that can move projects from the proposal board to construction status.

Right?

New York firms are going to own the entire Delaware Waterfront from Spring Garden to Spruce street when it's all said and done.

[PurpleWhiteOut]

Originally Posted by Jawnadelphia

Dechert's decision to go smaller with office space, from 240,000 sq ft to 110,000 sq ft is probably the "new norm."

Yeah, that explains why Brandywine is even more hyperfocused on biolife that can't work from home. Honestly I could be wrong but I still have big doubts about the permanence of work from home between lower productivity and people needing a social life. Imo we're going to see the integral workers return, and then they're going to realize they need their supporting backup staff in the office to help more efficiently, then they'll come back etc. in a chain reaction. Like you said, some areas like HR will probably be cheaper to keep at home without office space But we'll all have to wait and see; I'm also biased being in an "essential" profession that can't work from home and likes to leave his house lol

But for now I think Brandywine is overall going to do fine with a focus on biotech, but I could see 3001 being delayed.

[Redddog]

Originally Posted by PurpleWhiteOut

Honestly I could be wrong but I still have big doubts about the permanence of work from home between lower productivity and people needing a social life. Imo we're going to see the integral workers return, and then they're going to realize they need their supporting backup staff in the office to help more efficiently, then they'll come back etc. in a chain reaction. Like you said, some areas like HR will probably be cheaper to keep at home without office space But we'll all have to wait and see; I'm also biased being in an "essential" profession that can't work from home and likes to leave his house lol

Maybe. But money always wins. And if it means its cheaper to operate as a WFH, thats what it's gonna be.

[Easiered]

I disagree. In the United States we have something called competition. If Morgan Stanley requires people to be in the office and Goldman Sachs doesn’t, Morgan Stanley will probably perform better. Employees at MS will share ideas around the water cooler, pay attention in meetings, and have better access to information. Customers will recognize that and move assets and trades from GS to MS. At some point GS will have to decide if they still want people working in their pajamas.

[PHL10]

Originally Posted by Easiered

I disagree. In the United States we have something called competition. If Morgan Stanley requires people to be in the office and Goldman Sachs doesn’t, Morgan Stanley will probably perform better. Employees at MS will share ideas around the water cooler, pay attention in meetings, and have better access to information. Customers will recognize that and move assets and trades from GS to MS. At some point GS will have to decide if they still want people working in their pajamas.

I'm not sure that I agree that competition will vanquish WFH but I agree that WFH is not equal to working in an office for many positions. We have been 50/50 since the start of the pandemic and I can say that everyone is able to perform their functions whether from home or at the office but those in the office are infinitely more involved in project details and simply by their presence, get more involved in the critical functions of the company. As you say, despite technology allowing it, impromptu collaboration which is so critical in many fields that occurs in the office cannot be replicated with WFH.

[Nova08]

I do not see a mass WFH structure holding strong in a post Covid world. I do not think we will go back to a strict Mon-Fri in the office, but being in an office serves a number of both professional and personal benefits. Don't get me wrong, I hate the hour plus drive from Conshohocken to the Navy Yard if I left after 7am, but I also hate when I do not leave the premises of my property for 3 or 4 days in a row because I am WFH.

[700 Level]

Originally Posted by Nova08

I do not see a mass WFH structure holding strong in a post Covid world. I do not think we will go back to a strict Mon-Fri in the office, but being in an office serves a number of both professional and personal benefits. Don't get me wrong, I hate the hour plus drive from Conshohocken to the Navy Yard if I left after 7am, but I also hate when I do not leave the premises of my property for 3 or 4 days in a row because I am WFH.

A agree with your points. I think we land in a better place than we were pre COVID or now. I see flexibility (so less intense rush hour congestion), maybe a day of WFH per week, and more dedicated collaboration space at the office. As an aside, this is really good news for the MF line and the neighborhoods that are exploding along it. The El was pretty much maxed out during rush hour. Adding just a little spread in when people commute will allow the neighborhoods to continue to gain density while not overtaxing the line.

[3rd&Brown]

Originally Posted by 700 Level

A agree with your points. I think we land in a better place than we were pre COVID or now. I see flexibility (so less intense rush hour congestion), maybe a day of WFH per week, and more dedicated collaboration space at the office. As an aside, this is really good news for the MF line and the neighborhoods that are exploding along it. The El was pretty much maxed out during rush hour. Adding just a little spread in when people commute will allow the neighborhoods to continue to gain density while not overtaxing the line.

I'm moving back to Philly even though my job is at the WTC in NYC. Plan is WFH until Labor Day and then 2-3 days a week in the office in NYC (permanently). Given that the house I'm building is in Fishtown, I'll just drive to Trenton and take Amtrak from there (rather than circling back to 30th St Station).

I've already had 3 colleagues in my 200 person HQ office tell me they've already moved or are in the process of moving to Philly. All of us will do the same thing.

It may become untenable over time but it's worth the risk. I maintain my NY salary while living in Philadelphia.

But the other point to add to those that have been made, esp if your office is the HQ of your company. You're definitely not going to want to WFH permanently. You will for sure be thrown off "the track" and be bypassed by others in your silo. I'm still relatively young and ambitious. SR Director level. It's my goal to become a VP and eventually C level, somewhere.

No way that's happening if I'm sitting at home forever. Half of the rat race is political slash facetime. That's not happening over zoom.

[TonyTone]

I actually just thought of something.

Could more jobs be created in the post Covid world?

You can technically have jobs that can be done from home stay home and jobs that need to be in the office stay in the office and then have another option where you are working both in the office some days and home some days.

Thus creating a new branch of work even though WFH was already a think for some people and businesses but it could now be implemented on a wider scale freeing up office space for other business related tasks and etc.

We could see a even bigger boom in the economy Post cover due to things that were learned and a new way of life.