Top 10 Office Projects Under Construction in Philadelphia
- Jul 31, 2020
Philadelphia’s growing life sciences sector, robust talent pipeline and central East Coast location have solidified its reputation as a leading market for innovation and technology. The life sciences sector has thrived despite the ongoing pandemic, making way for a steady wave of new development. According to Yardi Matrix data, groundbreaking work has been completed for two projects so far this year. One of these properties—One uCity Square—is on the list below.
The metro’s office pipeline totaled 2.6 million square feet as of July. A third of these projects is expected to come online by year-end, with the rest scheduled for delivery in 2021. The suburban Conshohocken submarket led construction activity with nearly 690,000 square feet under development. The table below highlights the largest properties underway. The list was compiled using Yardi Matrix data.
10. Lewis Square
RedGo Development broke ground on the 60,000-square-foot Lewis Square in September 2019. Upon completion, scheduled for the third quarter of 2020, the property will consist of three single-story office buildings. The project is located on 18 acres at 508 N. Lewis Road in Royersford, Pa., in the Northern Montgomery County submarket. The two-phase development—part of a $60 million project—will include senior housing, office and retail components.
9. The Quaker Building
Post Brothers Apartments started redeveloping the former Strawbridge & Clothier warehouse in November 2019. Located at 900 N. Ninth St., in the North Philadelphia submarket, construction of the 60,000-square-foot asset was financed by a $116 million loan provided by Walker & Dunlop. Upon completion—scheduled for March 2021—the former Quaker building will also include 285 apartments and 135 parking spots.
8. 650 Park
In July 2019, Brandywine Realty Trust broke ground on 650 Park, a 97,038-square-foot office project in Philadelphia’s largest suburban employment center, King of Prussia. Located at 650 Park Ave., and scheduled for completion in December 2020, the four-story property is taking shape near three major thoroughfares, a wide array of retail centers and Valley Forge National Historical Park.
7. The Navy Yard – 300 Rouse Blvd.
Gattuso Development Partners is developing 300 Rouse Blvd., a $125 million medical lab and office facility within the Navy Yard. The company broke ground on the 136,000-square-foot, Digsau-designed project in June 2019. M&T Bank provided $36.2 million in construction financing.
Slated for completion in March 2021, the build-to-suit development will house California-based Iovance Biotherapeutics. The project is the latest addition to the Navy Yard, a 1,200-acre riverfront neighborhood—the redevelopment of a former military facility—known as the region’s newest technology and life sciences hub, and currently encompassing more than 7.5 million square feet and 150 companies.
6. Incyte Corporate Headquarters – Expansion
Incyte, one of Delaware’s most innovative and thriving businesses, continues to expand its footprint with the addition of a 200,000-square-foot lab and office building at 1801 Augustine Road in Wilmington, Del. The pharmaceutical company broke ground on the six-story expansion in October 2019, just two years after opening a 154,000-square-foot facility nearby. The property will include a two-story parking deck and is scheduled for completion in the third quarter of 2021.
5. Seven Tower Bridge
A partnership among American Real Estate Partners, Oliver Tyrone Pulver Corp. and Partners Group is working on Seven Tower Bridge, a 260,000-square-foot office building in Conshohocken, Pa. Mesa West Capital funded the construction with a $76.5 million loan.
The 14-story property is expected to come online in the last quarter of 2020 and will include four levels of parking. The Skidmore, Owings & Merrill-designed suburban asset will be anchored by investment management firm Hamilton Lane.
4. AmeriHealth Caritas Headquarters
Equus Capital Partners’ upcoming 378,000-square-foot project is the second headquarters expansion on the list. The company broke ground on the five-story development in December 2018, with completion expected at the end of 2020. The property is located on 21 acres at 3805 W. Chester Pike in Newtown Square, Pa. AmeriHealth Caritas will relocate its corporate operations and 2,000 employees—from an office building near Philadelphia International Airport—to the new building.
3. One uCity Square
Another office and lab facility taking shape in Philadelphia is One uCity Square, developed by the University City Science Center, Ventas and Wexford Science & Technology. The $280 million project broke ground in January 2020. Completion is scheduled for December 2021.
Century Therapeutics signed up to lease more than 32,000 square feet within the 389,000-square-foot building. Developed on 5 acres at the junction of North 37th and Warren streets, One uCity Square is the most recent phase of the uCity Square Knowledge Community, an innovative research, medical and life sciences campus in the University City District submarket.
2. SORA West
Also in Conshohocken, Pa., Keystone Property Group is developing SORA West, a 429,122-square-foot, $325 million office project. At full build-out, the 11-story development will encompass first-floor retail and 1,500 parking spaces. It will be part of a larger mixed-use project comprising a hotel, a restaurant in a historic firehouse and a public square.
Delivery is scheduled for the first quarter of 2021. The building will house AmerisourceBergen’s corporate headquarters, currently located in Chesterbrook, Pa.
1. 400 N. Broad St.
Tower Investments is redeveloping the former Inquirer building, a 526,000-square-foot property—once home to the Philadelphia Inquirer—in the Center City District submarket. The asset, also known as the Elverson building, was originally completed in 1924. Work on the 18-story structure started in July 2018, with completion expected in the fourth quarter of 2021.
CTL Capital provided $252.5 million in construction financing. Following the renovations, the development will be called the Philadelphia Public Safety Building. The property will serve as the new headquarters for the Philadelphia Police Department, which partially funded the restoration.