PHILADELPHIA | 2301 JFK Boulevard | 303 FT | 22 FLOORS - Page 6

TK2001 · #**101** Posted **Sep 20, 2022, 3:09 AM**

"23rd and JFK site work started...Carson Concrete is gearing up"
@carson_concrete on Instagram

summersm343 · #**102** Posted **Sep 20, 2022, 4:05 AM**

Amazing! Glad to see this moving forward.

TempleGuy1000 · #**103** Posted **Sep 20, 2022, 11:40 AM**

Now that's awesome. The boom continues.

PhilliesPhan · #**104** Posted **Sep 20, 2022, 12:41 PM**

Awesome news! The truly significant thing about this building is that, unless the plans have changed, it's a new office building being mostly built on-spec. According to the website for 2301 JFK, a commitment of only 75,000 square feet would have been needed to start construction. That represents 15% of the available square footage in the building. This really showcases the strength of Philadelphia's commercial RE market, at least for lab space. Between this, 2222 Market, and Chubb's new HQ on 20th and Arch, Logan Square is going to have more office workers very soon.

This is also why I've never really taken the notion that WFH will permanently replace going to the office seriously. While it is true that some companies will go permanently WFH, it's not going to be the overwhelming majority of them.

PHLtoNYC · #**105** Posted **Sep 20, 2022, 1:20 PM**

Quote:

Originally Posted by PhilliesPhan

Awesome news! The truly significant thing about this building is that, unless the plans have changed, it's a new office building being mostly built on-spec. According to the website for 2301 JFK, a commitment of only 75,000 square feet would have been needed to start construction. That represents 15% of the available square footage in the building. This really showcases the strength of Philadelphia's commercial RE market, at least for lab space. Between this, 2222 Market, and Chubb's new HQ on 20th and Arch, Logan Square is going to have more office workers very soon.

This is also why I've never really taken the notion that WFH will permanently replace going to the office seriously. While it is true that some companies will go permanently WFH, it's not going to be the overwhelming majority of them.

I think most white collar professions will adopt the hybrid model. My new company has mandatory office days Tues, Wed, Thurs, but they don't plan to go beyond that.

I wish a large suburban firm would get serious about an office in the city. TemplyGuy1000 mentioned Vanguard's glorified work space in CC in the Low Rise thread, I wish they would open a legit sizable office in Center City. Being located in Malvern turns off some young people (WFH has changed that a bit though).

Separately, any word on who committed to the 75k sf?

iheartphilly · #**106** Posted **Sep 20, 2022, 1:21 PM**

Cool design...I hope they stick with it. And, all permits in place...shovel ready? Can anyone confirm any digging on site and/or construction equipment in place yet.

thoughtcriminal · #**107** Posted **Sep 20, 2022, 1:42 PM**

Quote:

Originally Posted by PHLtoNYC

Being located in Malvern turns off some young people (WFH has changed that a bit though).

Probably not as many as you think. I know someone who just started working there in August, a recent college grad, and happily moved to Malvern to be near the office. She says that there are a sizeable number of people in her situation who have done the same. And being near the office means not doing much virtual working, of which many people are experiencing fatigue.
I think WFH appeals to older people (that is, my age) who have families and need to be there for the occasional (or more) ride to soccer practice, etc.
Younger people at the start of their careers typically want to spend more time with colleagues and getting a good start to their working lives, at least at places like Vanguard.

TempleGuy1000 · #**108** Posted **Sep 20, 2022, 1:55 PM**

Quote:

Originally Posted by thoughtcriminal

Probably not as many as you think.

Hm my brother-in-law has been a director there for a while now and I have had plenty of friends/colleagues work there too. They absolutely lose out on people who don't want to work at an office park (myself included). It just sucks Bogel was kind of an anti-city guy, and of course someone like Jeffrey Yass really hates the city.

Mikieman · #**109** Posted **Sep 20, 2022, 2:08 PM**

Looked like a tree crew was on site this morning getting ready to cut down a few trees on JFK.

cardeza · #**110** Posted **Sep 20, 2022, 2:27 PM**

Quote:

Originally Posted by PhilliesPhan

Awesome news! The truly significant thing about this building is that, unless the plans have changed, it's a new office building being mostly built on-spec. According to the website for 2301 JFK, a commitment of only 75,000 square feet would have been needed to start construction. That represents 15% of the available square footage in the building. This really showcases the strength of Philadelphia's commercial RE market, at least for lab space. Between this, 2222 Market, and Chubb's new HQ on 20th and Arch, Logan Square is going to have more office workers very soon.

This is also why I've never really taken the notion that WFH will permanently replace going to the office seriously. While it is true that some companies will go permanently WFH, it's not going to be the overwhelming majority of them.

this is no longer mostly residential?

700 Level · #**111** Posted **Sep 20, 2022, 2:54 PM**

The 5-year before/after comparison of 23rd street is going to me amazing thanks to the PMC activity.

iheartphilly · #**112** Posted **Sep 20, 2022, 3:01 PM**

Featured on PMC Property's website:

https://phillyyimby.com/2021/08/yimb...city-west.html

If they stick to high-end exterior materials as the renders depicted, this will be stunning. I l really like the stainless steel metallic finish and the glass. Also, the curves at the base really works for this one.

TK2001 · #**113** Posted **Sep 20, 2022, 3:12 PM**

The site also states a "18 month delivery". Does that mean it will be built in that time?

summersm343 · #**114** Posted **Sep 20, 2022, 3:14 PM**

The building is majority residential. Two floors of office space.

McBane · #**115** Posted **Sep 20, 2022, 3:15 PM**

PMC! Have to hand it to them. They get shit done. This thread is only 6 pages long, a testament to how quickly this project came together.

PhilliesPhan · #**116** Posted **Sep 20, 2022, 4:16 PM**

I'm a bit confused: did the plans for this tower change over time? Sorry for dragging others into my confusion, but I remember this tower being pitched as all-office back in January 2020. This Inquirer article seems to confirm what I remember:

PMC pitching office tower on land near Schuylkill waterfront apartment complex

Quote:

PMC Property Group is seeking a tenant for an office tower it wants to build on land beside its River Walk apartment complex, the latest in a spate of new commercial high-rise proposals for western Center City.

The proposed tower would rise on a narrow, roughly half-acre strip between John F. Kennedy Boulevard and SEPTA Regional Rail tracks, according to a brochure prepared by real estate firm Newmark Knight Frank, which is marketing the project.

NKF broker Craig Scheuerle said that the tower’s ultimate size will depend on leasing demand but that it is expected to fall between 200,000 and 500,000 square feet. PMC is prepared to break ground once it secures an anchor tenant willing to lease as little as 75,000 square feet, he said.

Link: https://www.inquirer.com/real-estate...-20200131.html

EDIT: Nevermind, just read the front page of the thread. Mixed-use will work well at this location!

Broadcastthatboom · #**117** Posted **Sep 20, 2022, 5:55 PM**

Love it! I'm sure this would greatly appeal to people who are looking to move from other HCOL areas but still may need to maintain some in-office presence in NYC/DC, given the convenience to 30th Street.

chimpskibot · #**118** Posted **Sep 20, 2022, 6:06 PM**

If this project does commence within the coming months, I think it speaks to the optimism and tightness of the rental market considering how little office space is needed to begin construction. It is also wild to me that it took what seemed like forever for Riverwalk 2 to finish and once completed it was, from a pedestrian glance, mostly leased.

Urbanthusiat · #**119** Posted **Sep 20, 2022, 6:11 PM**

Quote:

Originally Posted by chimpskibot

If this project does commence within the coming months, I think it speaks to the optimism and tightness of the rental market considering how little office space is needed to begin construction. It is also wild to me that it took what seemed like forever for Riverwalk 2 to finish and once completed it was, from a pedestrian glance, mostly leased.

I have no doubt these will lease up quickly, and will definitely be a favorite for people who have to go to NYC/DC frequently. Demand for Class A units is crazy right now.

mcgrath618 · #**120** Posted **Sep 20, 2022, 7:42 PM**

Quote:

Originally Posted by TempleGuy1000

Hm my brother-in-law has been a director there for a while now and I have had plenty of friends/colleagues work there too. They absolutely lose out on people who don't want to work at an office park (myself included). It just sucks Bogel was kind of an anti-city guy, and of course someone like Jeffrey Yass really hates the city.

Anecdotal, but a friend was recently hired to their campus in Malvern and hates it. He doesn't plan on staying for long and wants to relocate to the city from Haverford.