Tallest building in Philadelphia proposed
2/3/2014 | Real Estate Blog
The tallest building in Philadelphia is currently being proposed as plans for the Comcast Innovation and Technology Center had been announced earlier this month. The structure is to be built at a height of 1,121 feet and will be considered the eighth tallest building in the United States.
The 59-story skyscraper is to be built adjacent to its company headquarters on Arch Street and will be located four blocks from City Hall. The building will include 1.5 million square feet for rent, and 1.28 million of that is to be directed towards office space. Construction is to begin on the building this next fall, and it is scheduled to be completed in 2017.
Comcast will be taking up 75 percent of the office space for its technical staff such as software developers and engineers. The project has been welcomed by some commercial real estate professionals. Demand has been on the rise for office space in Philadelphia as rents have gone up and vacancies have gone down.
However, since Comcast employees would occupy 75 percent of the building at least one prediction has been made that office prices would not decrease. On the other hand, one real estate attorney stated that rental prices would likely stabilize or even be reduced.
Development projects of this size require considerable planning and that’s where real estate and land use attorneys can play a part. This type of development will requirement negotiations with officials, site plan approvals, the acquisition of permits, compliance with various regulatory agencies, and other forms of representation. It’s always best to make sure these issues are smoothly resolved.
Source: The New York Times, “Planned Comcast Tech Center Raises Sights in Philadelphia,” Jon Hurdle, Jan. 28, 2014