Posted Jul 6, 2019, 12:45 AM
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Moderator
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Join Date: Jan 2017
Location: Clark Park, Philadelphia, PA
Posts: 3,634
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From the highrise thread
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Originally Posted by Boku
Chubb, courted by developers, considers new Center City office tower
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Parkway Corp. and Brandywine Realty Trust are chasing Chubb, the giant insurance company, as a tenant to kick off a new office tower.
Chubb now has its offices in space at 436 Walnut St. in the Old City neighborhood of Philadelphia. It is in the market looking for about 400,000 square feet of space to consolidate its locations and provide it with new, contemporary offices. In 2004, what was then Ace Ltd. paid $22 million to buy 360 Walnut, a 361,000-square-foot building for its new headquarters, and moved out of Two Liberty Place. It also occupies about 140,000 square feet in One Washington Square, which is next door.
In early 2016, Ace completed a $29.5 billion acquisition of fellow property and casualty insurance carrier Chubb and immediately took on the Chubb (NYSE: CB) name. It is the world’s largest publicly traded property and casualty insurer with a market capitalization of $51.2 billion, annual gross written premiums of $37 billion and total assets of about $150 billion. The company has 30,000 employees in 54 countries worldwide and its principal executive offices are in Zurich, Switzerland. Though it maintains offices in other parts of the United States, such as Wilmington Del., and Whitehorse Station, N.J., it largest group of U.S. employees is based at Chubb's Walnut Street offices in Philadelphia.
Parkway is marketing a site at 20th and Arch streets in Center City where it would build a roughly 400,000-square-foot office tower for Chubb, according to sources. Parkway declined to comment. Brandywine Realty has been marketing its Schuylkill Yards development in University City to prospective tenants including Chubb, according to people familiar with the situation. A representative from Brandywine (NYSE: BDN) couldn’t be immediately reached for comment.
Another option for Chubb would be to stay where it is located. The company wouldn’t comment on its search for new space or the possibility of locating in a building that would be constructed for it. “Chubb is always looking at our real estate options to meet our needs, but we have nothing to report at this time,” the company said in an email.
If Chubb decides to have a new building developed for the company, it could mean the possibility of two new office buildings coming out of the ground around the same time in Philadelphia, which is rare for the city. The other prospective office building that could get underway is at 2222 Market St., which is under consideration by Morgan Lewis. Parkway is also proposing to develop that building.
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https://www.bizjournals.com/philadel...ew-center.html
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