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  #261  
Old Posted Nov 19, 2020, 4:31 PM
Redddog Redddog is offline
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Hmmm.. I was going to say - that's interesting. Where are you seeing that?

Honestly, sounds like empty threats by big execs trying to strike down the tax, but we'll see....
Yeah. We don't usually see the "I'm moving to the city of Philadelphia because of the awesome tax environment" argument.

There are obvious benefits to setting up in UC. Taxes wouldn't be on the top o' the list.
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  #262  
Old Posted Nov 19, 2020, 9:32 PM
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Yeah. We don't usually see the "I'm moving to the city of Philadelphia because of the awesome tax environment" argument.

There are obvious benefits to setting up in UC. Taxes wouldn't be on the top o' the list.
But they are on everyone's list somewhere. If a lower priority overall, Philly can still be competitive with more "tax happy" peer cities.
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  #263  
Old Posted Nov 21, 2020, 8:20 PM
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Even with the high taxes it is one of the most affordable of the largest cities. That is the bottom line for many looking to live in a truly urban environment. Those looking to relocate to the sprawling cities of the South will continue to do so. For me, it's a lifestyle decision and only a few cities offer this. This is referring to residential. Business is another story.
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  #264  
Old Posted Dec 6, 2020, 1:01 AM
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The new 3025 JFK renderings are perhaps a tad simple but if the materials are done right, I think it'll be a fantastic looking project in the flesh. Kinda like The Alexander.

I really like how the view from the north or south of the western skyline will have such texture and color variety between the blue glass Cira Center/Evo/FMC, the more bold and industrial reds of 3001 JFK, and the understated earth tones of 3025 JFK.

Most importantly it's just great to see some progress/news here in general.
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  #265  
Old Posted Dec 8, 2020, 7:29 PM
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How Philly’s Bioscience Sector Is Driving the City’s Next Big Real Estate Boom

Nice article with some tidbits about 3025 JFK in there. Not much we don't already know.
Read more here:
https://www.phillymag.com/healthcare...12_50ElgmTTiMI
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  #266  
Old Posted Dec 17, 2020, 11:44 PM
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  #267  
Old Posted Dec 20, 2020, 9:07 PM
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Building Permit Pulled for 326-Unit Tower at Schuylkill Yards

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http://www.rising.realestate/buildin...uylkill-yards/
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  #268  
Old Posted Jan 26, 2021, 11:03 PM
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Saw this on Twitter the other day. I assume Inga knows her stuff about real estate...does anyone know if there have been tenants announced for the office component of these buildings?

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  #269  
Old Posted Jan 27, 2021, 1:09 AM
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I assume Inga knows her stuff about real estate...does anyone know if there have been tenants announced for the office component of these buildings?

That's not an assumption I would make lol. No I think she's just re-hashing the latest publicly available information... which is that they're looking for tenants. But no, they haven't announced anything yet. But they probably aren't going to announce anything until groundbreaking is imminent. I wouldn't read much into it.
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  #270  
Old Posted Jan 27, 2021, 2:37 PM
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That's not an assumption I would make lol. No I think she's just re-hashing the latest publicly available information... which is that they're looking for tenants. But no, they haven't announced anything yet. But they probably aren't going to announce anything until groundbreaking is imminent. I wouldn't read much into it.
It would good if the state could lure BlackRock into the new red tower. They almost made a move to Cira II in 2008. (never materialized).
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  #271  
Old Posted Jan 27, 2021, 5:32 PM
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Brandywine's earnings call is next Wednesday. Maybe we'll learn something then.
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  #272  
Old Posted Jan 27, 2021, 6:58 PM
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Blackrock would be huge on MANY levels.
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  #273  
Old Posted Jan 27, 2021, 7:35 PM
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Blackrock would be huge on MANY levels.
Yup, a big missed opportunity for the city, region and state. To have the top 2 largest asset managers in the world right here in Philadelphia (area). O well...

Plus, a company like that would be a shot in the arm for the whole railyard development.
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  #274  
Old Posted Jan 27, 2021, 9:20 PM
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Yup, a big missed opportunity for the city, region and state. To have the top 2 largest asset managers in the world right here in Philadelphia (area). O well...

Plus, a company like that would be a shot in the arm for the whole railyard development.
do you think that if black rock were to move into SY, it would create any kind of pressure on vanguard to move into the city? I know they always say they would never leave malvern, but never say never...
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  #275  
Old Posted Jan 28, 2021, 3:55 PM
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do you think that if black rock were to move into SY, it would create any kind of pressure on vanguard to move into the city? I know they always say they would never leave malvern, but never say never...
I think Vangaurd is firm with Malvern for the foreseeable future.

Hypothetical: If Block Rock announced a move to SY in 2023, then I think Vanguard would double down on their CC presence (research center or whatever they called it), but as long as the execs live on the Main Line, that is where most operations will stay.

But I am generally fine with that. The suburbs are still the Philadelphia region, and thankfully our burbs are an economic powerhouse. Yes, I would love to see more of those large companies actually in the city, but playing musical chairs doesn't provide many benefits for the region, besides closer proximity to the University City and 30th Street Station.

Luring Black Rock or other similar firms into the city is a different story, and would solidify Philadelphia as a financial hub. Increasing venture capital and catering to our life sciences and incubator hubs will benefit the region too.
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  #276  
Old Posted Jan 28, 2021, 4:23 PM
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I think Vangaurd is firm with Malvern for the foreseeable future.

Hypothetical: If Block Rock announced a move to SY in 2023, then I think Vanguard would double down on their CC presence (research center or whatever they called it), but as long as the execs live on the Main Line, that is where most operations will stay.

But I am generally fine with that. The suburbs are still the Philadelphia region, and thankfully our burbs are an economic powerhouse. Yes, I would love to see more of those large companies actually in the city, but playing musical chairs doesn't provide many benefits for the region, besides closer proximity to the University City and 30th Street Station.

Luring Black Rock or other similar firms into the city is a different story, and would solidify Philadelphia as a financial hub. Increasing venture capital and catering to our life sciences and incubator hubs will benefit the region too.
I did a quick back-of-the-envelope calculation, and if either vanguard or black rock (or anyone else, for that matter) were to move 12,500 employees into the city, they would need about 3 million sf of office space, assuming average workspace and common space areas. even at dense workspace areas and minimal common spaces, they'd need 1.5 million sf for 12,500 people. and that's using pre-covid office space layout guidelines. that probably means a major skyscraper, and hopefully not an "urban office campus".
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  #277  
Old Posted Jan 28, 2021, 5:43 PM
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I did a quick back-of-the-envelope calculation, and if either vanguard or black rock (or anyone else, for that matter) were to move 12,500 employees into the city, they would need about 3 million sf of office space, assuming average workspace and common space areas. even at dense workspace areas and minimal common spaces, they'd need 1.5 million sf for 12,500 people. and that's using pre-covid office space layout guidelines. that probably means a major skyscraper, and hopefully not an "urban office campus".
Pre-covid guidelines are likely gone forever in the finance segment. I've worked in finance since the 90s and I've never seen a bigger transformation in how things are structured. Granted, we've been moving towards this for a long time with tech but the pandemic has really accelerated a new model.

The only reason to have people in the office is because that's where you meet clients. But clients have now experienced meetings virtually and that's what they prefer. You'll always have the old-timers that want you to take them to lunch but that's obviously not happening. The other reason is that managers want to see you working. Finance has been one of the most reluctant segments to embrace the new remote corporate model. I think it's because new people require so much management to stay on track that want them infront of them. But this pandemic forced the issue and firms have figured out how to control/manage/babysit their people remotely and at a huge savings. And the old schollers who could not imagine working from home or even how the hell to even do that are retiring. The kid who grew up with an ipad on his lap is now managing the region. He knows how to do that.

Most if not all of the "work" is done at a computer anyway. Has been for years.

The money that firms will save on office space will eventually force the descision even if management fights it. It's the same reason why Christmas parties and other "perks" like that went away years ago. I remember when a finacial firm I worked at which I wont name but that that rhymes with Schmorgan Schanley told us that they would be willing to buy the soda if we found a place to have the christmas party. I kid you not. Not long after that, they took the coffee machine out of the kitchen. Someone upstairs realized that people would work there even if they took all that away.

Office space is next. They'll deliver a workstation to your house, require you to wear business attire (from the waist up) and probably include a background banner you need to hang behind you. Managers will figure out a way to make damn sure you're workling just as hard as you were when they could physically lorde over you. Trust me. I have a cousin who works at Deutsche Bank in manhattan. very stodgy old bank. He moved to Vermont a few months ago and hasn't missed a beat.

Where you're headquartered makes a difference from a perception standpoint. People still think that a firm located in mahattan has more horsepower than a firm located in say...Indianapolis - fair or not. So a Philly headquarters would still be a benefit. Historically, Philly has been viewed as a staid, old-money center of welath and thus wealth management. So firms would benefit from that perception.

But the huge footprints of trading floors and manic environments are gone. I think that plays right into Philly's hands.
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  #278  
Old Posted Jan 28, 2021, 5:50 PM
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Blackrock is still committed to moving into a brand new million square feet of space in Hudson Yards by 2022/2023. Unfortunately I do not exactly peg them as a company that is going to grab anything close to that in Philly.


I am a little curious why these are not progressing a bit faster. We continue to hear that life science space is at an extreme premium.
Philly is full of biotech companies that need 3-5 years to develop and balloon like a Spark. Even if only a few hit it big, that is still hundreds of thousands of sq feet needed. Not that these should be built on spec but Philly needs to be ready to deliver this space in that event so companies aren't lost to Princeton, Boston, others who may be able to deliver the space faster.

Last edited by Nova08; Jan 28, 2021 at 6:07 PM.
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  #279  
Old Posted Jan 28, 2021, 7:27 PM
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I am a little curious why these are not progressing a bit faster. We continue to hear that life science space is at an extreme premium.
I imagine that Brandywine is sitting on the red tower because they are trying to attract a major tenant (Dechert) and don't want to change any of the plans to life sciences until they are sure they aren't coming.
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  #280  
Old Posted Jan 28, 2021, 8:46 PM
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Originally Posted by Nova08 View Post
Blackrock is still committed to moving into a brand new million square feet of space in Hudson Yards by 2022/2023. Unfortunately I do not exactly peg them as a company that is going to grab anything close to that in Philly.


I am a little curious why these are not progressing a bit faster. We continue to hear that life science space is at an extreme premium.
Philly is full of biotech companies that need 3-5 years to develop and balloon like a Spark. Even if only a few hit it big, that is still hundreds of thousands of sq feet needed. Not that these should be built on spec but Philly needs to be ready to deliver this space in that event so companies aren't lost to Princeton, Boston, others who may be able to deliver the space faster.
So does that mean when BlackRock toyed with the idea of moving to Philadelphia, that was just their NJ offices? And their headquarters is in New York City?
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