Morning Headlines: Comcast’s New Tower To Have Philly’s Most Expensive Rents
Rendering of CITC.
Photo courtesy of Comcast Corporate.
Apart from its towering height (1,121 feet, 59 stories) the upcoming Comcast Innovation and Technology Center will have high rental rates. Surprise, surprise. In fact, it’ll have the most expensive in Philadelphia.
According to Liberty Property Trust CEO Bill Hankowsky, prices will be in the $30-$40/sq.ft range and will depend on how close to the space is to the top (higher up, higher prices).
Philly.com’s Joe DiStefano notes that the city’s “average leasing costs are little changed since the 1990s, and significantly lower than in New York, Boston or Washington” making CITC a “step up.”
• High rents forecast for Comcast tower [PhillyDeals]
Meanwhile, in news elsewhere…
• Chips Ahoy! baking facility will close, ending 350 jobs [Philadelphia Business Journal]
• Changing Skyline: With sophisticated tower, Dranoff continues to transform S. Broad [Inquirer]
• Redevelopment Authority responds to confused neighbors by ditching community meeting [City Paper]
• In W. Phila., not much is revealed on plans for Wilson Elementary [Daily News]
•Phila. City Council passes tougher demolition rules [the Inquirer]
