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  #141  
Old Posted Aug 15, 2020, 3:29 AM
TonyTone TonyTone is offline
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Originally Posted by Groundhog View Post
and the Navy Yard as well.

Still sad that CC hasn't had office growth in so long, but the city has grown new business districts as a result, which isn't the worst thing in the world.
How many open parking lots/buildings are there in center city that you can just simply destroy and build a new scraper now? I believe it's only a few left space is pretty tight now.

They will have to start demolishing taller buildings in center city to build taller buildings.
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  #142  
Old Posted Aug 16, 2020, 5:09 AM
Nanyika Nanyika is offline
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Originally Posted by TonyTone View Post
How many open parking lots/buildings are there in center city that you can just simply destroy and build a new scraper now? I believe it's only a few left space is pretty tight now.

They will have to start demolishing taller buildings in center city to build taller buildings.
As it happens, there are still huge areas of Center City that are covered by surface lots. The blocks just north of the Convention Center, for example, between Race and Vine, and Broad and 11th, have more open lots than buildings. The area around 15th St. just north of Arch has several wide-open spaces that could take tall buildings. And then there are parking lots at several prime locations, such as 22nd & Market (north side of the street), 21st & Ludlow, 13th & Market, and the infamous former Disney Hole at 8th & Market that are crying out for skyscrapers. And is just a sample selection of parking lots in Center City that ought to disappear.
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  #143  
Old Posted Aug 17, 2020, 8:50 PM
McBane McBane is offline
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Originally Posted by PHL10 View Post
I think he meant the new Aramark on the Schuylkill but that was an overbuild and may not count.
Duh. Pardon my brain fart.
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  #144  
Old Posted Aug 20, 2020, 11:48 PM
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mcgrath618 mcgrath618 is offline
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Some equipment on site, I think it was a small drill of some variance. Some holes had been dug.
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  #145  
Old Posted Aug 21, 2020, 1:19 AM
PurpleWhiteOut PurpleWhiteOut is offline
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Awesome! With the parking operations shut down too, I'm thinking this will be the next project to actually get off the ground.
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  #146  
Old Posted Aug 21, 2020, 2:22 AM
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summersm343 summersm343 is offline
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Sounds like test bores to me. That means excavation and shoring is right around the corner
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  #147  
Old Posted Aug 30, 2020, 11:49 PM
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Jawnadelphia Jawnadelphia is offline
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  #148  
Old Posted Aug 31, 2020, 1:03 PM
cardeza cardeza is offline
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nice
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  #149  
Old Posted Sep 1, 2020, 2:21 AM
Inquizative Inquizative is offline
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Yes! When Cook Drilling shows up, that means the show has begun! From what I understand the 10 year tax abatement ends at the end of this year, so we should see a lot of new builds between now and December.
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  #150  
Old Posted Sep 1, 2020, 3:18 PM
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summersm343 summersm343 is offline
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Do it!
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  #151  
Old Posted Sep 1, 2020, 9:34 PM
700 Level 700 Level is offline
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Permit!

A permit was issued today for the core and the shell of the building ($95m of construction costs). It expires March 1, 2021, so the start of construction should take place before that date!
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  #152  
Old Posted Sep 2, 2020, 1:44 AM
DeltaNerd DeltaNerd is offline
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Great to see more office space being added into the city. Hopefully we can see more green space as well!

I'm curious to see who are the tenants for the office is for
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  #153  
Old Posted Sep 2, 2020, 1:48 AM
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mcgrath618 mcgrath618 is offline
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Originally Posted by DeltaNerd View Post
Great to see more office space being added into the city. Hopefully we can see more green space as well!

I'm curious to see who are the tenants for the office is for
Morgan Lewis. We've known since this was announced lol
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  #154  
Old Posted Sep 14, 2020, 12:57 AM
TempleGuy1000 TempleGuy1000 is offline
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  #155  
Old Posted Sep 14, 2020, 6:54 PM
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summersm343 summersm343 is offline
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That's caisson installation that is, which means this is officially under construction!
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  #156  
Old Posted Sep 14, 2020, 7:02 PM
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mcgrath618 mcgrath618 is offline
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Originally Posted by summersm343 View Post
That's caisson installation that is, which means this is officially under construction!
Tell the diagram mods that, they still haven’t marked the Laurel as U/C...
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  #157  
Old Posted Sep 21, 2020, 5:28 PM
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Jawnadelphia Jawnadelphia is offline
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The official groundbreaking was this morning - I'm not seeing any news coverage, but it happened.
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  #158  
Old Posted Sep 21, 2020, 6:56 PM
Boku Boku is offline
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Originally Posted by Jawnadelphia View Post
The official groundbreaking was this morning - I'm not seeing any news coverage, but it happened.
$200M office project at 2222 Market in Center City gets underway

https://www.bizjournals.com/philadel...ladelphia.html

Quote:
It’s with little frequency Philadelphia experiences a ground breaking for a new office building let alone one in the middle of global pandemic but, in a city of firsts, that is what took place Monday morning along the western edge of the Central Business District.

Parkway Corp. marked the beginning of construction for 2222 Market St., a $200 million office tower that will house the headquarters of law firm Morgan Lewis & Bockius. Last December, Morgan Lewis signed a 20-year lease for the development of what will be a 19-story, 305,000-square-foot building that the law firm will fully occupy.

“Morgan Lewis is making a statement with this project and this part of Market Street,” said Rob Zuritsky, president of Parkway, before an audience of masked, socially-distanced attendees.

The project is forward-looking. It looks to a future when companies and employees can safely return to their offices. It confirms the law firm’s commitment to its own future, and it’s a recognition of Philadelphia’s future.

The building will stand as a monument to Philadelphia’s spirit and confidence in what’s to come, said Sarah E. Bouchard, managing partner at Morgan Lewis’ Philadelphia office.

Parkway managed to secure $187 million in financing in August from a cadre of lenders to move forward with the project. Meridian Capital Group arranged construction and mezzanine loans as well as preferred equity with Acore Capital. Santander Bank, Citizens Bank and Fulton Bank were also part of the capital stack.

“We had financing and all of the terms locked up, but then two or three things changed during the process,” Zuritsky said of complications created by the Covid-19 pandemic. “There were new concerns from lenders that they never had before. What happens if there is another shutdown? What happens if supplies coming out of other states have a shutdown? All of a sudden the deal terms changed a little bit. They didn't necessarily get better and required more reserves. It was new. New 'What ifs.'”

Another unforeseen challenge spurred by the coronavirus involved getting a few routine approvals finalized with the city before construction could move forward.

“They were no-brainers but then everything shut down,” Zuritsky said. “We had four to five months when the city wasn’t doing anything at all.”

The city eventually moved procedures online and through virtual meetings those final approvals were completed.

The timing actually works in Morgan Lewis’ favor. If it happened six months earlier, the firm wouldn’t have the opportunity to take a pause and re-evaluate the interior of the office space through a new lens brought on by the coronavirus and employees working from home, said Eric Stern, a partner at Morgan Lewis and co-leader of its real estate practice.

“This gives us the ability to recognize the post-pandemic workforce, how they look at work differently and treat going into work differently,” Stern said. “We have an opportunity to make changes.”

It’s too early to disclose what those changes might be since they are still being debated.

The new office tower continues a western shift of Philadelphia’s office market that has been slowly but steadily gaining traction since Comcast Corp.’s new headquarters went up and additional buildings such as Cira Centre, FMC Tower at Cira Centre South, and other development took place on the other side of the Schuylkill River near 30th Street Station. While Independence Blue Cross has had a long presence in that part of the West Market Street corridors, newcomers include Aramark Corp. and Entercom Communications Corp.

Anne Fadullon said when she took the job as director of planning and development for Philadelphia five years ago, she was asked when the next ground-up office building would be built. “This took a little longer than what I was hoping for,” she said.

Their follow-up question should have been whether she thought it would be built during one of the nation's biggest economic downturns. That it is happening at this time "really illustrates the resiliency of the city,” Fadullon said.

IMC Construction is the general contractor for 2222 Market, Gensler is the architect, and JLL represented Parkway. The project is expected to be completed sometime in 2022.
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