Liberty Property Trust has officially begun construction of Philadelphia’s largest skyscraper – Comcast Innovation & Technology Center.
While the announcement was made in January that Liberty and Comcast Corp. were partnering to develop the $1.2 billion building, an agreement between the two companies has now been finalized as well as documents related to the tower’s development. As such, work on the 59-story building at 18 th and Arch streets in Center City will commence, Liberty said in a statement.
Comcast has expanded the amount of space that it will occupy. The cable giant signed a 20-years lease on 982,275 square feet, or about 74 percent of the 1.33-million-square-foot building. It had initially taken 957,000 square feet.
The building – not including fitting out the interior space – will cost $933 million. Of that amount, $40 million is public money from the city and state that will go toward infrastructure improvements, such as extending the subway concourse.
The tower will also include a 222-room Four Seasons hotel.
L.F. Driscoll is the general contractor. Under the agreement, Comcast will control 80 percent of the joint venture while Liberty will own the remainder.
The structure is expected to be completed during the first quarter of 2018.
Source: Philadelphia Business Journal
Source: SEC Filing