Designed by Lord Norman Foster and developed by Liberty
Property Trust to achieve LEED Platinum Certification, the 59-story tower will
include a Four Seasons Hotel. Thousands of jobs and billions of dollars of
economic activity will be created in Philadelphia and the Pennsylvania
commonwealth.
Comcast Corporation (Nasdaq: CMCSA, CMCSK) and Liberty
Property Trust (NYSE: LRY) announced today they will jointly develop the
"Comcast Innovation and Technology Center" on the 1800 block of Arch
Street in Center City Philadelphia. The
proposed $1.2 billion 59-story, 1,121-foot tower will neighbor Comcast Center,
Comcast Corporation’s global headquarters, and become a dedicated home for the
company’s growing workforce of technologists, engineers, and software
architects. The facility will also
create a media center in the heart of the City by becoming home to the
operations of local broadcast television stations NBC 10/WCAU and Telemundo
62/WWSI and offer space for local technology startups.
Designed by world-renowned architect Lord Norman Foster of
Foster + Partners, the glass and stainless steel tower will complement Comcast
Center as a new energetic dimension to Center City. The 1.517 million rentable square foot
project will include a new Four Seasons hotel and a soaring, block-long lobby
with a glass-enclosed indoor plaza accompaniment to Comcast Center’s existing,
dynamic outdoor plaza. The lobby will
feature a restaurant and a new concourse will provide direct connections with
SEPTA’s Suburban Station, enhancing accessibility and providing new options for
commuters. The $1.2 billion mixed-use
tower is expected to be the tallest building in the United States outside of
New York and Chicago and will be the largest private development project in the
history of Pennsylvania.
"This is yet another historic moment for Comcast,"
said Brian L. Roberts, Chairman and CEO, Comcast Corporation. "We continue to be proud to call
Philadelphia our home, and are thrilled to build a world-class media, technology
and innovation center right in the heart of the City, to bring NBC 10 and
Telemundo 62 downtown, and to create thousands of jobs and further drive
economic activity in the region. We have
assembled an incredible design and development team to expand our vertical
campus, and I am more excited than ever about the future of Comcast in
Philadelphia."
Liberty Property Trust Chairman and CEO William P. Hankowsky
said, "Liberty is thrilled to again have the opportunity to develop a
transformative project for the city of Philadelphia, a project that will
significantly contribute to the continuing renaissance of Center City as a
forward-looking yet uniquely livable urban environment."
Lord Norman Foster commented, "This is a very special
project. It is an opportunity to create a unique and sustainable model for
mixed-use, high density development, which uniquely combines spaces for high
tech research and development with restaurants, gardens, fitness facilities and
a significant public reception space – a window on Philadelphia. At ground
level this ‘urban room’ embraces the city; it opens the building to the public
and anchors it as a vital new neighborhood. It also links directly into the
below ground public transport system. Above this, the highly flexible loft-like
spaces and studios are designed for a dynamic way of working – an engine for
the city’s evolution as the kind of leading technology hub presently associated
with Silicon Valley. We look forward to
continuing our collaboration with Comcast and Liberty Property Trust to further
develop an outstanding location and a new landmark on the Philadelphia
skyline."
In addition to office space, the Comcast Innovation and
Technology Center will house a Four Seasons hotel, featuring more than 200 rooms. The luxury hotel will include world-class
spa, fitness, event and meeting facilities as well as an exciting new
restaurant located on the top floor of the building, offering spectacular 360
degree city views.
"Four Seasons has called Philadelphia home for more
than 30 years," said Scott Woroch, Executive Vice President Worldwide
Development, Four Seasons Hotels and Resorts. "During this time we have
set the standard for luxury hospitality in the city and become an integral part
of the community. Today, Philadelphia is experiencing renewed growth and
popularity. We are proud to be a part of one of the largest, most exciting new
developments in the region and reaffirm our long-standing commitment to this
great city."
Four Seasons will continue to manage its existing hotel at 1
Logan Square and assist the owner with the transition to a new brand prior to
the expected opening of the new hotel in 2017.
http://corporate.comcast.com/images/new-comcast-building-inline-2.jpg
The Comcast Innovation and Technology Center will generate a
staggering amount of upfront economic activity during the project’s
construction period alone, including $2.75 billion in economic activity within
the Commonwealth and the creation of more than 20,000 temporary jobs. The estimated direct and indirect ongoing
impact of the Comcast Innovation and Technology Center is also remarkable,
creating almost 4,000 new permanent jobs within the Commonwealth and 2,800 new
permanent jobs within the City. The
project will also produce $30.7 million in annual Commonwealth tax revenues and
$21.5 million in annual City tax revenues.**
Comcast and Liberty Property Trust will establish Economic
Opportunity Plans to demonstrate the companies’ commitment to diversity and to
ensure the participation of minority contractors during the construction of the
Comcast Innovation and Technology Center.
"Comcast's announcement is another chapter in
Pennsylvania's transformation. Our economy is growing, job creators from small
businesses to Fortune 500 companies are thriving and our citizens are going
back to work," said Pennsylvania Governor Tom Corbett. "I'm excited
that our partnership with Comcast will not only revitalize and transform
Philadelphia's downtown areas, but will also create at least 1,500 new
family-sustaining jobs. Comcast is not alone in believing in our workforce and
in Pennsylvania's very bright future."
"This new building is a game-changer for Comcast and
for Philadelphia," said Mayor Michael A. Nutter. "A world-class
building, designed by a world-class architect, built by a world-class developer
for a world-class company, all happening in the world-class city of
Philadelphia. This building will serve as yet another physical monument to the
transformation of this city, home to global companies, transformative
technologies, standard-setting buildings, and some of the most talented
entrepreneurs in the United States. Congratulations to all involved in this
project. We are very proud that Comcast calls Philadelphia home."
"The arrival of the Comcast Innovation and Technology
Center makes it perfectly clear that Philadelphia is a premiere U.S. hub of
innovation, technology, creativity and productivity," Council President
Darrell L. Clarke said. "This announcement isn’t just about boosting
economic activity in our City – it is proof that Philadelphia’s greatest assets
are its people. The jobs and opportunities the Center will provide will not
only retain and attract top talent in media, technology and commerce, but will
feed the private-public partnerships that ensure future generations are
educated and trained to run innovative companies such as Comcast. I thank all
the partners involved for their diligence and collaboration on what will
certainly be an amazing asset to Philadelphia and the Commonwealth of
Pennsylvania."
Construction of the Comcast Innovation and Technology Center
will commence in the summer of 2014, and the building is expected to be
complete in the fall of 2017. It will
seek LEED Platinum certification.
Comcast will execute an initial lease for at least 957,000 square feet,
or approximately 75 percent of the rentable office space, for a term of 20
years.
The project will be owned by a joint venture, 80 percent
owned by Comcast and 20 percent by Liberty Property Trust, and managed by
Liberty. The project includes an
approximately $1.2 billion private investment of which approximately $900 million
will be funded by the joint venture and approximately $300 million will be
tenant funded interior improvements.
Comcast Corporation and Liberty Property Trust held an
international competition of some of the most renowned architects around the
world and selected Lord Norman Foster of Foster + Partners.
**Economic impact estimates provided by Econsult Solutions
in the recently released report, "The Economic and Fiscal Impact within
the City of Philadelphia and the Commonwealth of Pennsylvania of Comcast
Corporation and of its Proposed Expansion Development."
Source: Comcast
Corporate
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