Saturday, December 27, 2014

New details on Comcast's tower 2

A little more space

New details on Comcast's tower 2

Liberty Property Trust, the Malvern-based landlord developing Comcast's second high-rise tower in Center City, posted new details of the 59-story high rise planned for 1800 Arch St. today:

-Work starts this month, scheduled to complete in early 2018
-After measuring each floor, the size has been bumped up by 50,000 sq. ft., to 1.334 million sq. ft.
-Comcast has signed a 20-year lease for 74% of the building (982,000 sq ft), a sligthly lower % than earlier
-The other 352,000 sq. ft. is up for lease (unless Comcast fills that, too, like it did with tower 1)
-The planned Four Seasons Hotel will have 222 rooms, down from 364 in its current Ben Franklin Parkway location
-L.F. Driscoll will be general contractor.

The building will cost $933 million, and extend the underground Septa and retail complex to 19th Street. Liberty says it will invest $185 million of its own money, adds that it will also collect $40 milllion from state and city taxpayer grants, and arrange financing for the rest. That's not counting Comcast's own costs for fitting up what it plans to call the Comcast Innovation & Technology Center.

Read Liberty's new SEC filing on the project here, Comcast-Liberty January joint statement here.

More coverage
 
Four Seasons downsizes to Comcast tower
 
Vermont vents at telecom mergers like Comcast-TWC
Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
Business Videos:
Also on Philly.com:
Stay Connected