PHILADELPHIA | 2300 Market Street | 187 FT | 14 FLOORS - Page 2

Nova08 · #21 Posted **Nov 12, 2021, 4:01 PM**

Quote:

Originally Posted by PurpleWhiteOut

I love the design and hope it stays as well. Honestly I'd rather this be office/work space for Market St, so I like the pivot. It's interesting how all-in everyone is on lab space. It is booming, but at the same time is probably cannibalizing the Schuylkill Yards plan. I think it's a mistake on the part of SY to not be building on spec, because it would be easier to lure people into an already-built space

It is interesting. There are spec developments in Ucity and the Navy Yard, while SY is seemingly waiting for a large anchor tenant.

Quote:

Originally Posted by Redddog

Eh. there seems to be a lack of space to accomodate the absolute explosion in Life Sciences demand for space right now. I think SY will be fine.

I agree, there is a ton of projected demand. But it sounds like a fine line. If it is not built quick enough, the demand will go elsewhere.

Urbanthusiat · #22 Posted **Nov 12, 2021, 5:05 PM**

Quote:

Originally Posted by Nova08

It is interesting. There are spec developments in Ucity and the Navy Yard, while SY is seemingly waiting for a large anchor tenant.

I agree, there is a ton of projected demand. But it sounds like a fine line. If it is not built quick enough, the demand will go elsewhere.

That's the trouble with underwriting high-rise vs mid- and low-rise commercial. There's a higher bar to get started on a high-rise. To make it a metaphor, it's as if they're waiting to catch up a whale. Meanwhile, it could theoretically fill up with a bunch of fish - and there are plenty of fish out there - but while it's waiting for a whale and passing up on the fish, all of the fish are being caught by smaller fisherman.

summersm343 · #23 Posted **Nov 12, 2021, 5:26 PM**

Regardless of what people think in this group, you can't just build a highrise on spec because you want to. You have to have someone to finance it. Financial backers aren't going to back the project if they don't feel extremely confident in the project being able to lease up.

With that said, Brandywine is building 3025 JFK which has 200,000 sq ft of lab/life science/office space on the first floors of the building. The rest is residential.

Aren't they also building 3151 Market on spec which has 417,000 sq ft of office/lab/life science space???

What more do you guys want? LOL

For 3001 JFK, a 500+ foot tall tower, they're going to need an anchor tenant first.

arkitect13 · #24 Posted **Nov 12, 2021, 10:15 PM**

^^ Would it be possible in a worst case scenario, to turn part of the 500ft+ tower into residential/hotel/lab/office space?

mcgrath618 · #25 Posted **Apr 27, 2022, 8:08 PM**

Teensy update:

https://li.phila.gov/Property-Histor...GM-2022-000624

steve_phl · #26 Posted **May 12, 2022, 9:11 PM**

Another update:

https://www.youtube.com/watch?v=czPg...JEpCZA&index=1

skyhigh07 · #27 Posted **May 12, 2022, 9:15 PM**

Quote:

Originally Posted by steve_phl

Another update:

https://www.youtube.com/watch?v=czPg...JEpCZA&index=1

Wow. The updated design is really cool.

mja · #28 Posted **May 12, 2022, 10:42 PM**

Quote:

Originally Posted by skyhigh07

Wow. The updated design is really cool.

Wow. That's a stunner. It won't make much of an impact on the skyline but at street level that's going to pop.

TK2001 · #29 Posted **May 12, 2022, 11:01 PM**

Nice!! I'm gonna update the 3d model I have, along with making the two tower Virgin Hotel project

iheartphilly · #30 Posted **May 13, 2022, 12:24 AM**

^^^
Seems like we are getting better quality design of late. Maybe folks are taking note of great opportunities to be in the Philly RE Market.

TK2001 · #31 Posted **May 13, 2022, 2:27 AM**

2300 Market Street by Philly SkyGuy, on Flickr

TK2001 · #32 Posted **May 13, 2022, 2:27 AM**

The future of Center City West by Philly SkyGuy, on Flickr

Philadelphia future elevation by Philly SkyGuy, on Flickr

allovertown · #33 Posted **May 13, 2022, 3:31 AM**

Wow. Looks like we're losing 2324 Market with the updated design, but even though it's a handsome building, seems more than worth it for the design upgrade. Though I am of course anticipating a sudden drastic downgrade to the the design once the demolition permit is obtained.

If this is actually built to this most recent design though? Incredible building. What a change of fortunes for this stretch of Market. From parking lots and porno theaters to this.

McBane · #34 Posted **May 13, 2022, 3:51 AM**

Love it. The only thing I don't like is the height. The design is too nice that it's honestly a shame it can't be a more prominent fixture in our skyline.

Urbanthusiat · #35 Posted **May 13, 2022, 4:15 AM**

Love the new design. Also relevant is that Breakthrough recently closed on a huge $3B fund specifically for life sciences developments which gives me confidence we'll actually see this happen.

Breakthrough Properties Raises $3 Billion to Develop Next Generation Life Science Ecosystems

Quote:

LOS ANGELES, April 29, 2022 /PRNewswire/ -- Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, today announced the final closings for the Breakthrough Life Science Property Fund. The venture raised $3 billion in direct capital and co-investments, to scale a global portfolio of best-in-class ecosystems for dynamic early-, mid-, and late-stage life science companies.

The $3 billion raised in fund and co-investment capital surpassed Breakthrough's initial $1.5 billion target. It is the largest real estate fund dedicated exclusively to the life sciences sector, excluding recapitalizations of existing portfolios, according to CBRE and JLL Research. The Fund was raised from a diverse group of institutional investors, sovereign wealth funds and high net worth individuals spanning four continents.

Founded in 2019, Breakthrough has established itself as one of the most active players in the life science sector with 4.6 million square-feet of projects in the pipeline across San Diego, Boston/Cambridge, Philadelphia, Amsterdam, Oxford, and Cambridge, UK. Breakthrough will use the newly raised funds to finance its ongoing developments, which are in various stages of design, construction and pre-development, and fuel its pursuit of additional opportunities throughout the United States and Europe.

Pretty exclusive list of cities to be on

TK2001 · #36 Posted **May 13, 2022, 1:30 PM**

https://phillyyimby.com/2022/05/revi...city-west.html

reparcsyks · #37 Posted **May 13, 2022, 1:58 PM**

This design is a masterclass in reusing older architecture and tastefully bringing it into the 21st century. Can't wait till this one starts --- what an amazing upgrade for this area of the city.

TK2001 · #38 Posted **May 13, 2022, 2:17 PM**

The building is noticeably shorter, could be around 160 feet tall now

PurpleWhiteOut · #39 Posted **May 13, 2022, 10:54 PM**

Should this thread be unfortunately closed and moved to the low-rise thread? Looks like 9 stories now

Jayfar · #40 Posted **May 14, 2022, 2:02 AM**

I've posted the video link to this week's presentation to the Center City Residents Association here: https://www.facebook.com/groups/Phil...3524264602871/

Quote:

New focus, developer, architect and plans for a block-long overbuild at 23rd & Market St presented this week to Center City Residents' Association

Yes, it's now to be a 'life sciences' project, because of course it is. Jon McCandlish, principal at KieranTimberlake, and Joe Traynor of Breakthrough Properties discussed the design for CCRA in the video linked below. Sadly, the western-most building at 2324-28 Market will go away in this new plan.

Construction is expected to begin this year, with occupancy toward the 2nd half of 2024.

[snip]