Morning Headlines: Building Set For Groundbreaking at Navy Yard Tomorrow
As part of the Navy Yard Master Plan, Liberty Property Trust and Synterra Partners are developing the Commerce Center, a 75-acre site set to include three multi-tenant flex space buildings, all of which are already fully leased. One of the properties is set for groundbreaking tomorrow.
Natalie Kostelni from the Philadelphia Business Journal reports on the tenants of the new 75,000-square-foot space located at 4000 S. 26th Street:
EcoSave, an Australian company, leased 20,000 square feet and Clinigen, based in the United Kingdom, leased roughly 10,000 square feet. Both will use the site as their respective U.S. headquarters. WuXi AppTec Inc. will expand by 45,000 square feet of the building, bringing its total space with Liberty in the Navy Yard to 130,000 square feet.
The Navy Yard Master Plan involves creating a sustainable, 1,200-acre, mixed-use innovation campus centered around business collaboration. From the Master Plan’s website:
The Plan’s vision includes environmentally friendly workplaces, notable architecture, industrial development, great public spaces, waterfront amenities, improved mass transit, and residential development. Due to the incredible growth of The Navy Yard, a 2013 update was released, building upon the successes to date, with an expanded vision of what’s to come.
In addition to the Commerce Center, the plan includes Canal District, Mustin Park District, and the Central Green District, where a four-story Franklin Square Capital Partners office building broke ground last October.
At the Master Plan’s completion, the Navy Yard is expected to “support up to 13.5 million square feet of development, 30,000 people, and over $3 billion in private investment.”
• Liberty to break ground on new 75,000 square foot building at Navy Yard [Philadelphia Business Journal]
In other news…
• CHOP expansion raises concerns [Daily Pennsylvanian]
• East Torresdale group discusses Delaware River’s greenway initiative [Northeast Times]