February 23, 2014 |
Reed Smith L.L.P.'s Philadelphia office is set to move its 320 lawyers and support staff from One Liberty Place to new quarters at Three Logan Square. When the move is complete March 3, firm leaders say the firm will occupy about 20 percent less space in a reconfigured office with greater energy efficiency and more opportunities for collaboration. "Aside from the burden of unpacking, we are excited about having brand-new surroundings," said Leonard Bernstein, managing partner of the Philadelphia office.
February 8, 2014 |
Liberty Property Trust plans to charge rents "that are high $30s [per square foot], kissing $40," to Comcast and any additional tenants for the company's planned second Center City office tower, Liberty boss Bill Hankowsky told investors during a conference call this week. That's higher than today's top asking rents for the priciest Philadelphia space. In Philadelphia's slow-grow office market, average leasing costs are little changed since the 1990s, and significantly lower than in New York, Boston or Washington.
February 5, 2014 |
RADNOR About a decade has elapsed since the last Wyeth workers walked out of the complex in Radnor Township that had served as their company's global headquarters since the 1950s. More than history, their departure for a new headquarters in Collegeville created something nearly as valuable: a sprawling piece of commercial property in one of the region's most desirable but largely developed zip codes. The 26-acre parcel,near the intersection of I-476 and Route 30, represents one of Radnor's largest development opportunities in years.
December 8, 2013 |
ONE OF THE city's savviest money men says the city could save millions by trimming the fat from the more than 10 million square feet of office space the city owns and leases. Tom Knox, chairman of the Mayor's Task Force on City-owned Facilities, and Mayor Nutter yesterday presented the task force's report finding the city could save as much as $121 million over five years by better managing its unused office space. "This is real, serious money," Nutter said. "This report joins a growing body of work . . . that urges the city to become more data-driven and begin tracking all the costs of maintenance and operations facilities, citywide.
December 3, 2013 |
Liberty Property Trust , the commercial landlord that built Philadelphia's tallest buildings, has been dumping aging suburban offices and building and buying warehouses. The Malvern company announced last month it was selling 6.6 million square feet of mostly office space, in suburbs like Mount Laurel, Fort Washington, and elsewhere, to Greenfield Real Estate L.L.C. of Connecticut for $705 million. Greenfield is one of many private firms buying up aging office parks. This year, Liberty sold PNC's operations center to Nicholas Schorsch's American Realty Capital Partners for $75 million.
November 24, 2013 |
When Debbie and Bob Fleischman were considering where they might live as young marrieds, they surveyed the entire East Coast, looking for a city with vibrancy and culture - and a home in that city that was within walking distance of a synagogue. The couple, who met as Yale undergraduates, live Judaism fully and joyfully, and when they chose Philadelphia as their hometown in 1984, they also became affiliated with Beth Zion-Beth Israel Synagogue in Center City. Predictably, their first home was on Addison Street, near the synagogue.
November 13, 2013 |
AFTER YEARS of false starts and unfulfilled dreams, has a realistic redevelopment plan finally been crafted for South Street's historic Royal Theater? Well . . . maybe. Officials from Kenny Gamble's Universal Cos. pitched a new vision for the site to dozens of local residents during a community meeting last night. The preliminary plan - which sounds similar to some old ones - calls for the Royal's brick facade to be preserved, but for the wretched remains of the theater to be demolished.
October 28, 2013 |
Willard G. Rouse III has been gone a decade, but his handiwork - Liberty Property Trust - continues to thrive. Liberty Property's ongoing success stands as testament to Rouse's forward thinking, but also the mutability of clever corporations, which often must shift and remake themselves to keep ahead. As Liberty Property is doing now under the leadership of William P. Hankowsky, who served his apprenticeship as president of the Philadelphia Industrial Development Corp. (Full disclosure: Hankowsky is part owner of The Inquirer.)
October 11, 2013
TONIGHT'S official opening of Philadelphia's newest showcase certainly represents a milestone for the local theater scene, but you'll have to wait another eight months or so to pop the champagne corks. After 10 years of planning, plotting and fundraising, the FringeArts complex, at Columbus Boulevard and Race Street, debuts with a Fringe Festival favorite, "The Elephant Room," a magic-based piece that runs through Oct. 20. But as monumental as the building's debut is, it is only the first stage of the $7 million project.
July 17, 2013 |
WASHINGTON - The agency that manages 375 million square feet of federal office space is moving back to its newly renovated headquarters in downtown Washington, where its employees are finding that their personal real estate footprint has been radically altered. They now have to work in less than half the space they once had. The long corridors, closed-door offices, and high cubicles that have always defined the culture of the federal workplace have given way to open spaces filled with industrial white desks that most employees must now reserve like hotel rooms.