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Comcast Bites Off Six More Floors at HQ

PHILADELPHIA-By adding another 151,646 sf to its lease, the cable TV giant will occupy 87% of the 1.2-million-sf tower, and total preleasing reaches 91%.

By Marita Thomas | Updated on February 24, 2007

PHILADELPHIA-Comcast Corp. has signed a 15.5-year lease for an additional six floors, aggregating 151,646 sf, in Comcast Center, the 1.2-million-sf tower under construction at 17th Street and John F. Kennedy Boulevard. This takes Comcast’s overall lease commitment in the building to 48 floors representing more than one million sf, or 87%.

An additional seven tenants have signed leases in the 58-story tower to take overall preleasing to 91%. When Malvern-based Liberty Property Trust broke ground for the tower in January 2005, Comcast had committed to lease 44% of the space. The following August it upped the ante to 70%. Comcast has option rights on additional space during its lease term and the right to request construction of a second, 250,000-sf office building at the site.

As with Comcast’s previous extension, this one also comes with strings. According to a statement from Liberty, the costs associated with this latest agreement take the developer’s investment in the project to $495 million. The earlier lease-extension, as GlobeSt.com reported, lifted the initial investment from $435 million to $460 million. At that time, an additional floor was inserted into the top of the structure and refinements were made to the lobby and interior spaces.

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