July 7, 2012
It's easy to imagine Philadelphia's business district accommodating another tower the size of Comcast. After all, the region's entire transit system funnels downtown, making the city's core accessible to thousands of commuters. Now, try to visualize the same amount of office space — 1.2 million square feet — in the neighborhood tucked below the South Street Bridge, a tight enclave of rowhouses and corner pubs once known as the Devil's Pocket. Assuming America's health-care industry keeps growing at its current rapid clip, the area around the Pocket could soon see a development with even more square footage than the Comcast Center.
July 2, 2012 |
What a great day it was at Dmg Ctrl Ltd., a tech company in Old City. Cofounder Jason Allum pulled the tap on a new mini-kegerator, a little dorm-size fridge perfectly designed to hold one keg of beer that had been installed that afternoon. Mostly foam, sadly. "We have to work on that," Allum said, a frothy plastic cup of Yards IPA in hand to toast a 5 p.m. finish to Monday's workday. Housed on an upper floor of a former factory on North Third Street, Dmg Ctrl Ltd., with its seven employees, is one of 21 tech companies in the neighborhood, enough to constitute a cluster in Old City.
June 21, 2012 |
The most populous town in the wealthiest county in Pennsylvania — Tredyffrin Township — stretches from the last five stops on the Paoli Local, north across U.S. 202, to Valley Forge. It's home to shady ridges lined with brick-fronted homes, to big companies whose bosses live nearby — Ametek, AmerisourceBergen, TE Connectivity, Triumph Group — and to roughly as much office space as both of Center City's Liberty Place towers, with the Comcast Center thrown in. Yet most of its office inventory, built in the 1980s or earlier, is "in danger of becoming outdated," warns a report by the Chester County township's Business Development Advisory Council.
June 20, 2012 |
Commercial-real-estate pros have been reduced to playing "musical chairs" as tenants enjoy their pick of nicer, cheaper offices instead of having to build or lease new space, analyst John W. Guinee writes in a report to clients of brokerage Stifel Nicolaus & Co. Almost the only places in America where office demand and rents are rising are three hopping "media, entertainment and technology" centers: Silicon Valley; New York City's Midtown South...
June 13, 2012 |
Members of Teamsters Local 628 rallied outside the offices of The Inquirer, the Daily News and Philly.com Tuesday protesting the layoffs of 20 building-services employees and 12 security guards as of July 1. In a statement sent to all employees, Interstate General Media L.L.C., publisher and chief executive Robert J. Hall said the layoffs are connected to the company's relocation later this month from 400 N. Broad St., which it sold last year,...
February 26, 2012 |
Armed with a new doctorate from Cornell ; designs for 3-D printers that make colorful parts from paper, plaster, and plastic; and connections from his academic and consulting career, engineer- tinkerer-businessman Evan Malone returned to Philadelphia in 2008, opened NextFab Studio , and began marketing the for-profit lab full of digital workshop machines to the students, professors, and would-be entrepreneurs of the city's brainiest neighborhood....
February 21, 2012 |
The iconic 1616 Walnut Street building - listed on the National Register of Historic Places - has been purchased by Federal Capital Partners of Chevy Chase, Md., which is considering converting the office space to residential use. The sale of the 25-story Art Deco building marks FCP's second investment in Center City Philadelphia, after a $7.5 million loan it made in July to back redevelopment of the Robert Morris Building at 1701 Arch St....
February 12, 2012 |
Money's tight for Pennsylvania. But last month, a state agency went to Wall Street and borrowed $107 million to enrich a California hedge fund, a Wall Street bank, and other speculators in a Harrisburg office building. Result: Investors who bought bonds tied to the city's Forum Place at deep discounts are being paid full price to turn them in, giving them millions in profit. But state officials say that's still a good deal for taxpayers - because the new arrangement will allow state workers to park their cars at a discount.
February 1, 2012 |
Pfizer, the world's largest pharmaceutical company, reported Tuesday that its profit fell 50 percent in the last quarter of 2011, partly because of declining revenue from the cholesterol drug Lipitor. The company's situation for all of last year - nearly flat revenue, a declining workforce, but a 21 percent profit increase - points to the tumultuous changes in the industry, globally and locally. One of the "key takeaways" in the slide presentation that Pfizer promoted to Wall Street analysts was that the company "achieved total cost reduction targets associated with the Wyeth acquisition one year ahead of schedule.