Llenrock Local: Comcast Plans Center City Skyscraper; Four Seasons to Leave Parkway for New Comcast Tower; Construction Begins on Cheesecake Factory at 15th and Walnut

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Please enjoy this week’s edition of the Llenrock Local: As I first mentioned here last September, Comcast and Liberty Property Trust announced plans last week to develop an iconic 59 story, 1,121 sq. ft. skyscraper at 18th and Arch Streets in Center City.  Designed by Foster + Partners, the “Comcast Innovation and Technology Center” will…

Commercial Real Estate Week in Review

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Week in Review for May 25 – 31:

  • After months of controversy and legal wrangling, Malkin Holdings, operator of the Empire State Building, finally captures enough “yes” votes from stakeholders to include the property in a new public REIT called Empire State Realty Trust.
  • Philadelphia’s recently expanded Pennsylvania Convention Center is failing to meet expectations, reports Axis Philly. The $1.3 billion facility is receiving fewer bookings and providing less economic stimulus than forecast. Some blame this underperformance on the costs and performance of the facility’s staff. 
  • A group of legislators is considering proposals by various contractors interested in taking over the operations of Philly’s Convention Center. Curbed Philly reports local cable giant Comcast (NASDAQ: CMCSA) expressed interest but is unlikely to be selected.
  • Liberty Property Trust (NYSE: LRY) increases its presence in Washington, D.C. with the acquisition of 2100 M St. NW. Liberty acquired the eight-floor office building from Hines for $133.5 million.
  • A subsidiary of Inland American Real Estate Trust announces a joint venture with Dutch pension fund service PGGM. This $600 million retail JV will focus on Midwestern shopping centers with “necessity-based” tenants, writes Commercial Property Executive.