PHILADELPHIA—Liberty Property Trust reports that construction has begun on the 59-story Comcast Innovation & Technology Center here.
The Malvern, PA firm reports that the joint venture agreement between Liberty and Comcast Corp. in connection with the project has been completed. The joint venture is 80% owned by Comcast and 20% by Liberty Property Trust. Liberty is the manager of the joint venture.
The 59-story tower to be built on the 1800 block of Arch Street will include 1.334 million square feet of rentable office space and a 222-room Four Seasons Hotel. Comcast has signed a 20-year lease for 982,275 square feet, or approximately 74% of the tower's office space.
Projects costs, not including tenant-funded interior improvements, is expected to total $933 million, including a total of $40 million in public funding via grants from the Commonwealth of Pennsylvania and the City of Philadelphia geared at financing infrastructure improvements and public spaces.
Liberty states its investment in the project is expected to be approximately $185 million. Completion of the tower is anticipated for the first quarter of 2018.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
