New Office Building Planned A Stone's Throw From City Hall
A new office tower is being planned for less than a block away from City Hall in Center City, an area where new development has been primarily focused on multifamily and retail.
The development at 1301 Market St is planned to stand 38 stories tall, with rooftop terraces and ground-floor retail. Currently, the address is occupied by a parking lot. The proposed structure would be 840k SF, to be developed by Oliver Tyrone Pulver, according to the Philadelphia Inquirer.
The Conshohocken-based developer is under contract to purchase the 35k SF lot from the estate of Samuel Rappaport, a deal that's expected to close in about a year. Pulver plans to spend the intervening time getting the proper permits and finding anchor tenants at what is expected to be market-leading rents.
Pulver had previously developed in the area, in the '70s and '80s, but since then has been focused on the suburbs. The new building is planned to deliver by 2020, joining similarly scheduled large office projects such as the Comcast Innovation and Technology Center and Schuylkill Yards. [Philly]