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.
July 15, 2013 |
In gritty urban centers such as Hoboken, Jersey City, and Philadelphia, manufacturing's decline left behind carcasses of abandoned factories in the 1960s and 1970s. In some neighborhoods, those same battered bastions of industry have been reborn as chic lofts for latte-drinking millennials or charmingly reconfigured as offices with open floor plans and coffee bars. These days, there's another type of building carcass worrying urban planners, government officials, and developers.
July 2, 2013
In the Region Pepper Hamilton renews C.C. lease Brandywine Realty Trust , the Radnor-based office landlord, said it executed a long-term lease renewal with Pepper Hamilton L.L.P. on the law firm's 268,000 square feet of office space at Two Logan Square in Center City. The existing lease had been set to expire in 2015. Pepper Hamilton is one of Brandywine's three largest tenants. Among its many holdings, Brandywine owns three office buildings comprising 2.3 million square feet in the Logan Square area.
June 11, 2013
Seeds of redevelopment planted When Inquirer readers hear of the daunting challenges and hopeful future of efforts to revitalize Norristown, they should know something else: Just because the current county commissioners suggest that the Logan Square redevelopment project fizzled out doesn't mean that it did ("Norristown seeks to get itself boiling again," June 3). In fact, the Logan Square project is an economic success and a big job creator. As the lead tenant at Logan Square, USMaintenence was on its way out of town when the prior board of commissioners committed $25 million and county guarantees to improve the shopping center.