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Old January 6th, 2009, 11:30 PM   #401
ExWNY'er
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This looks like a great project for Philly. I was skeptical that it would be built in this tough economic climate. Good to see this forge ahead. It will make a great addition to the Philly skyline.
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Old January 6th, 2009, 11:51 PM   #402
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In this tough economic climate, the city of Philadelphia needs this building!

Just think about the jobs and income this project would bring to the city.
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Old January 14th, 2009, 11:29 PM   #403
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Friday, January 9, 2009 | Modified: Monday, January 12, 2009, 7:00am

Center City office market may weather storm, experts say
Philadelphia Business Journal

by Natalie Kostelni Staff Writer

The Center City office market is faring much better than its metropolitan counterparts across the nation and will likely continue to withstand the deepening economic downturn with few major scars.

“We think we are going to do better than what is coming nationally,” said Wayne Fisher, senior vice president with Grubb & Ellis, which held its annual real estate forecast

Wednesday at the Union League of Philadelphia. Not only that, but “the basic fundamentals look better than the two previous down cycles,” Fisher said.

The reason for Philadelphia’s current market strength is twofold: Center City has not and will not be burdened by any new office construction. In contrast, nationally, roughly 55 million square feet of new office space is expected to come on the market this year and about the same about in 2010. In Philadelphia, no new office space is coming online in the next two years in spite of talk of new office towers, such as American Commerce Center and Cira South.

In addition, the city isn’t expected to be decimated by a series of mergers and acquisitions that, in the past, has left gaping holes in office buildings as companies relocated operations out of Philadelphia. Think back to CSX Corp. and IMB Corp. in the early 1990s.

The biggest unknown on that front is the recently completed Wachovia Corp.-Wells Fargo & Co. merger. Wachovia is one of the city’s largest tenants and has most of its space along South Broad Street.

“How will the merger effect its presence in Philadelphia?” said Jim Egan, senior vice president at Grubb & Ellis.

Common wisdom has Wells Fargo retaining its current size here and possibly even growing since the merger gave the San Francisco bank an automatic foothold in a major East Coast market.

The other factor playing in Philadelphia’s favor is the mix of companies in a range of sectors occupying space. “Philadelphia’s diverse business climate has helped the downtown Philadelphia submarket to remain tight,” according to a CB Richard Ellis forecast report. For the first time in years, CB Richard Ellis decided not to hold its annual forecast event.

Though Philadelphia is positioned better than other cities, that doesn’t mean it’s immune from greater market forces. More tenants are renewing leases rather than incurring the expense of moving. Renewals jumped last year to 60 percent to 65 percent from a historical average of 50 percent to 55 percent, according to Grubb & Ellis. That is expected to continue throughout this year.

Those renewals were also short-term — fewer than five years — deals, as companies feared making long-term commitments and taking on new debt. This is also anticipated to continue this year. Some tenants are also trying to bide time and not make any near-term leasing decisions to get a better handle on where the market might be and their needs may be in the next year or so.

There is still leasing activity, which has helped keep rents up and vacancies in check. Philadelphia is suffering from a lack of large blocks of available space and still has large tenants in the market seeking space.

“With more than a dozen tenants in the Philadelphia CBD [Central Business District] looking for large contiguous space of over 100,000 square feet each, it looks as if the main problem that the Philadelphia CBD market has is lack of large contiguous space,” according to a GVA Smith Mack forecast report.

Despite this, vacancy is expected to creep up over the next two years. Center City’s office vacancy rate hit single-digits last year, hovering a slightly above 9 percent. It ended 2008 at 10.1 percent and is projected to climb to 11.1 percent this year, peak at 11.7 percent in 2010 and then begin to inch its way back down.

“We’re guardedly optimistic. That’s the call,” Fisher said. “It’s actually stronger than based on history. We see ourselves coming out of this cycle earlier than we have historically which almost seems counterintuitive considering what’s going on in this world.”

One part of the commercial real estate market that isn’t expected to soon rebound is the investment market. Twelve major office buildings valued at $1.5 billion and totaling 7.9 million square feet were up for sale last year.

“Just two cleared and none are currently being offered,” said Doug Joseph, an investment broker at Grubb & Ellis. The transactions totaled about $300 million. In stark contrast is 2006 when nearly $1.6 billion worth of Center City office buildings traded. The death of deals looms again for this year.

http://philadelphia.bizjournals.com/...6400%5E1758722
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Old January 15th, 2009, 10:12 AM   #404
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In Philadelphia, no new office space is coming online in the next two years in spite of talk of new office towers, such as American Commerce Center and Cira South.



Is definitly not good.
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Old January 15th, 2009, 11:44 AM   #405
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Quote:
Originally Posted by Buyckske Ruben View Post
In Philadelphia, no new office space is coming online in the next two years in spite of talk of new office towers, such as American Commerce Center and Cira South.



Is definitly not good.
ACC and Cira South can't be built and occupied in 2 years...so maybe...
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Old January 28th, 2009, 07:26 PM   #406
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PhillySkyline is reporting that the American Commerce Center WILL have an Observation Deck which will be, at roughly 1200' feet, the second highest Observation Deck in the United States after the Sears Tower's Skydeck.

Furthermore, the observation deck's window -- at least on the side facing One Liberty Place, Two Liberty Place, and the Comcast Center -- will be 160 feet high itself. WOW.

http://phillyskyline.com/acc6.htm


Looks like the developer is still full steam ahead on this one.
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Old January 29th, 2009, 04:03 AM   #407
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Great to hear more news coming out about this tower. I can't wait for it to be officially approved and start seeing some prep work going.
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Old February 3rd, 2009, 12:30 AM   #408
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Proposed $1.1B tower would be Philadelphia's tallest, third in U.S.

02/02/2009

Hill International Real Estate Partners hopes its new office tower planned for Philadelphia becomes the tallest building in the city -- and the country's third tallest at 1,510 feet. The company plans to start construction on the American Commerce Center later this year. The 2.2 million-square-foot building still needs an anchor tenant. Pittsburgh Post-Gazette (01/25)

Source - http://www.smartbrief.com/news/agc/s...F4D7FEC&lmcid=
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Old February 3rd, 2009, 02:15 AM   #409
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I hope they can find an anchor tenant quickly. May be tough with this economy, but I'm sure their have to be some companies that would love to be in the #1 tower in a major city.
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Old February 3rd, 2009, 02:57 AM   #410
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i find it amazing (and fantastic) that this tower actually seems to be moving along.
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Old February 7th, 2009, 12:05 PM   #411
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Quote:
Originally Posted by PhillyGuy85 View Post
Proposed $1.1B tower would be Philadelphia's tallest, third in U.S.

02/02/2009

Hill International Real Estate Partners hopes its new office tower planned for Philadelphia becomes the tallest building in the city -- and the country's third tallest at 1,510 feet. The company plans to start construction on the American Commerce Center later this year. The 2.2 million-square-foot building still needs an anchor tenant. Pittsburgh Post-Gazette (01/25)

Source - http://www.smartbrief.com/news/agc/s...F4D7FEC&lmcid=


When comes the definitly approval???
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Old February 20th, 2009, 05:19 AM   #412
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Philly skyscraper project battles cloudy economy
By PATRICK WALTERS – Feb 9, 2009


The Comcast Center, right, is seen near the lot where developers would like to build the proposed American Commerce Center, a 1,510-foot skyscraper, in Philadelphia, Thursday, Jan. 22, 2009. In the midst of the worldwide financial crisis, the developers of the American Commerce Center envision a massive construction project that would employ hundreds of idled construction workers _ and, by 2012, an iconic structure that would funnel many more jobs into the city. (AP Photo/Matt Rourke)





PHILADELPHIA (AP) — At City Hall, leaders of the nation's sixth-largest city are warning about painful cuts as the recession slices deeper and deeper into the budget: library cuts, pool closures, less snow removal and layoffs.

But on an empty lot six blocks away, private developers are pushing ahead with plans to build a 1,510-foot skyscraper that would be one of the tallest buildings in the world.

http://www.google.com/hostednews/ap/...PzLYQD9688EUO0
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Old February 24th, 2009, 05:11 PM   #413
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Thanks spectre000!
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Old February 24th, 2009, 06:33 PM   #414
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Quote:
Originally Posted by spectre000 View Post
Philly skyscraper project battles cloudy economy
By PATRICK WALTERS – Feb 9, 2009


The Comcast Center, right, is seen near the lot where developers would like to build the proposed American Commerce Center, a 1,510-foot skyscraper, in Philadelphia, Thursday, Jan. 22, 2009. In the midst of the worldwide financial crisis, the developers of the American Commerce Center envision a massive construction project that would employ hundreds of idled construction workers _ and, by 2012, an iconic structure that would funnel many more jobs into the city. (AP Photo/Matt Rourke)





PHILADELPHIA (AP) — At City Hall, leaders of the nation's sixth-largest city are warning about painful cuts as the recession slices deeper and deeper into the budget: library cuts, pool closures, less snow removal and layoffs.

But on an empty lot six blocks away, private developers are pushing ahead with plans to build a 1,510-foot skyscraper that would be one of the tallest buildings in the world.

http://www.google.com/hostednews/ap/...PzLYQD9688EUO0
Gorgeous developers!!!



I hope the economy recover fast!
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Old March 1st, 2009, 01:07 AM   #415
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Quote:
Originally Posted by Buyckske Ruben View Post
Gorgeous developers!!!



I hope the economy recover fast!
i hope the same!! plese god (OBAMA?)!!! JAJAJAJA
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Old March 1st, 2009, 03:35 AM   #416
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i hope the same!! plese god (OBAMA?)!!! JAJAJAJA
Neither the people can do a darned thing about the economy, the only people who can help it are the American people. Actually all Obama or any other politician can do is extend the hurt by raising the Federal deficit and our taxes.
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Old May 20th, 2009, 08:20 PM   #417
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Great addition to Phil !!! I like it !
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Old May 23rd, 2009, 01:47 AM   #418
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[QUOTE=skyperu34;36977656]Great addition to Phil !!! I like it ![/Qyou cant consider it an addition unless its built
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Old May 23rd, 2009, 01:48 AM   #419
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you cant call it an addition unless its built or at least under construction. Otherwise it means nothing
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Old June 25th, 2009, 04:59 PM   #420
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Is there any new updates on this one?
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