Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:
- As I first mentioned here last September, Comcast and Liberty Property Trust announced plans last week to develop an iconic 59 story, 1,121 sq. ft. skyscraper at 18th and Arch Streets in Center City. Designed by Foster + Partners, the “Comcast Innovation and Technology Center” will be the largest building in Philadelphia and the largest U.S. skyscraper outside of New York City and Chicago. The tower will house Comcast’s creative teams (creating at least 1,500 news jobs for the city) with the office space geared towards collaboration and high-tech research and development. The building will also house new studios for NBC10 — who will move from nearby Bala Cynwyd — a new location of the Four Seasons Hotel, and two restaurants. The new tower will bring to Philadelphia the type of creative energy normally found in Silicon Valley and may lead to terrific advances for Philadelphia and the region.
- The Four Seasons Hotel will leave its long-term home on the Benjamin Franklin Parkway for the glittering new Comcast Innovation and Technology Center in 2017. The hotel has historically generated lower room rates than its sister hotels in other American cities. Nevertheless, the property’s current owner, Host Hotels & Resorts of Bethesda, Maryland intends to continue operating the 357 room property as a hotel after 2017. Rumor has it that the owner intends to convert it to another high-end brand when the Four Seasons relocates– perhaps a JW Marriott..
- Demolition work finally started on the new mixed-use project at 15th and Walnut Streets that will house Center City’s first Cheesecake Factory, a Uniqlo clothing store and other retail options. If a Cheesecake Factory in Center City does not inspire you, perhaps the stunning architectural renderings of the new building from Bohlin Cywinski Jackson will do the trick.
As always, please check-out Capstone’s website and the “Llenrock Local”, for the latest news from Philadelphia’s busy commercial real estate sector.
Until next time, have a great week!