Daily News | A new look for a proposed office building on 20th and Arch Street in Philly
An office building proposed for 20th and Arch Streets in Center City in 2019 is still in the works, as developer Parkway Corp. revealed a glimpse of their COVID-era plans.with its plans for a 15-story, 400,000-square-foot office building on this corner of downtown. The site is a surface parking lot north of Market Street and close by Comcast’s high-rise towers.
The project was proposed for a single tenant and what was then described as a 20-year lease. Although Parkway wouldn’t reveal the company they were tailoring the building for, it’s widely been reported then that the insurance giant Chubb Ltd. is the intended client. This week, new plans released by Philadelphia’s City Planning Commission show a bulked up tower of the same height but with three additional floors and almost 75,000 additional square feet, with a combination of commercial office space and ground floor retail. The building will include two levels of underground parking with 78 spaces.
“We have seen a very dramatic return to the office these last two weeks, with Comcast and PNC Bank coming back,” said Robert Zuritsky, Parkway’s president and CEO. “You can feel it in town at least three, four days a week. The Eagles are going good. The Phillies [could be] in the playoffs. There’s definitely some spirit and energy downtown in the office market.
Sources familiar with negotiations between Parkway and Chubb say that a deal has not been formalized between the two parties.
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