58-Story Comcast Tower 'Sets New Standards'

[IMGCAP(1)]PHILADELPHIA-The opening of Liberty Property Trust’s Comcast Center does not affect the current office market here, but will have a substantial long-term impact on that market, two local experts tell GlobeSt.com. That seeming contradiction is due to the fact that the 58-story tower, which had its grand opening ceremony on Friday, is already nearly 100% leased—mostly by Comcast—and therefore does not change the availability rate in Center City. However, experts say, it raises the bar for future developments here.

[IMGCAP(2)]“The Comcast Center sets new standards in the city of Philadelphia for quality and pricing,” George Cauffman, SVP with CB Richard Ellis’ Greater Philadelphia office, tells GlobeSt.com. “Now, in order to compete in this market, future development must consider several factors. Buildings need to be LEED certified, offer tax incentives for new tenants moving into the city which do not unfairly affect current city tenants, have top quality construction with excellent window line views—for light gathering ability similar to the Comcast Center—and have access to public transportation.”

Jack Soloff, SVP with Grubb Ellis’ Philadelphia office, says the advent of the 975-foot tower is “definitely changing the psychology in Philadelphia. With the exception of Cira Centre, there hadn’t been a new high-rise tower since 1991, following a boom of institutional-grade building in the ’80s. So it had been a long time, and I think this has definitely changed attitudes.”