Liberty Property Trust's plan toconstruct a 1.2-million-sf office tower for Comcast Corp.,which had committed to just 44% of the space, was so controversialthat in June 2004 downtown office owners shut off the lights intheir buildings in protest. The darkened sky was to symbolize theballooning, 20%-plus vacancy rate the office sector was projectedto suffer.http://www.globest.com/news/190_190/philadelphia/129968-1.html

At the June 18 topping off, the office vacancy rate in CenterCity was tightening to near 10.5%; Comcast had committed to morethan 85% of the space and the tower is 96% pre-leased. Furthermore,the rent rate approaches $40 per sf, which is more than $12-per-sfabove trophy market rate.

Citizens Bank has leased 48,000 sf as its regional headquarters.The 24,000 sf of retail space is also largely committed to, amongothers, the City's most notable restaurateurs, Georges Perrier andChris Scarduzzio; a gourmet food market anchored by DeBrunoBrothers, and a 2,000-sf Citizens Bank branch.