Home News A new look for a proposed office building on 20th and Arch Street in Philly

A new look for a proposed office building on 20th and Arch Street in Philly

by admin
0 comment

A proposed office building at 20th and Arch Streets in Center City in 2019 is still in the works, as developer Parkway Corp. gave us a glimpse of its COVID-era plans.

more than 3 years ago, Parkway opened We are planning a 15-story, 400,000-square-foot office building on this corner of downtown. The site is a flat parking lot on the north side of Market Street, near Comcast’s high-rise towers.

The project was proposed for a single tenant and then described as a 20 year lease. Parkway did not disclose the company that would make the building, but it was widely reported at the time (and since then) insurance giant Chubb Ltd. was identified as the target customer.

New plans released by the City Planning Commission of Philadelphia this week show an expanded tower of the same height, but with three additional floors, with a combination of commercial office space and retail on the ground floor. , adding nearly 75,000 square feet. The building includes his two-story, 78-car underground garage.

Parkway President and CEO Robert Zuritsky said: “At least he can feel it in town three or four days a week. The Eagles are doing well. The Phillies. [could be] in the playoffs. The downtown office market certainly has spirit and energy. “

However, neither Chubb nor Parkway would comment directly on the project.

“As a growth company, Chubb regularly evaluates office space to support business expansion while remaining agile to meet the short-term and long-term needs of our business, customers and employees.” said a spokesperson in an email message.

According to sources familiar with the negotiations between Parkway and Chubb, no formal agreement has been reached between the two.

The COVID-19 pandemic is changed dramatically How Office Work Is Conducted By Many Employers Hybrid schedule Workers only need to be in the building a few days a week. many employers, Including Philadelphia Inquirerare reducing office space in anticipation of a significant reduction in in-person workdays.

Some industries, such as law firms and finance, encourage more face-to-face days. But insurance companies and smaller tech companies are leaning towards remote work.

“A lot of companies in the insurance industry don’t have 100% of their employees coming back because it’s proven that a good percentage can be done remotely,” says CRE, a commercial real estate consultancy. I am not a party to the Visions and Arch Street transaction.

High-end experiences are a priority for those returning to the office. Commercial establishments call this “flight to quality.”If employers want office workers to go back to work face-to-face, they’re going to give them the best.

“It’s really fragmenting the market,” Ruff says. “New buildings, trophies, skylines, he’s a 60-story building. People looking for office space want it to be the best office space out there, so demand will go up.”

The Arch Street project will be reviewed by a city-appointed Citizens Design Review Board on October 11th.

Chubb is an international insurance brand with operations in 54 countries and headquarters in Zurich, Switzerland.

The company has offices in New York, New Jersey, and Delaware, but Philadelphia is its largest US presence. Chubb now owns a historic building at 436 Walnut St., just south of Independence Hall, and rents space in nearby Fifth Street and his former Penn Mutual Tower on Walnut Street. Splitting up the office.

You may also like