|By Business Wire||
|January 15, 2014 02:15 PM EST||
Comcast Corporation (Nasdaq: CMCSA, CMCSK) and Liberty Property Trust (NYSE: LRY) announced today they will jointly develop the “Comcast Innovation and Technology Center” on the 1800 block of Arch Street in Center City Philadelphia. The proposed $1.2 billion 59-story, 1,121-foot tower will neighbor Comcast Center, Comcast Corporation’s global headquarters, and become a dedicated home for the company’s growing workforce of technologists, engineers, and software architects. The facility will also create a media center in the heart of the City by becoming home to the operations of local broadcast television stations NBC 10/WCAU and Telemundo 62/WWSI and offer space for local technology startups.
Rendering of the 'Comcast Innovation and Technology Center' designed by world-renowned architect Lord Norman Foster of Foster + Partners. The 59-story, glass and stainless steel tower is expected to be completed by year-end 2017. (Photo: Business Wire)
Designed by world-renowned architect Lord Norman Foster of Foster + Partners, the glass and stainless steel tower will complement Comcast Center as a new energetic dimension to Center City. The 1.517 million rentable square foot project will include a new Four Seasons hotel and a soaring, block-long lobby with a glass-enclosed indoor plaza accompaniment to Comcast Center’s existing, dynamic outdoor plaza. The lobby will feature a restaurant and a new concourse will provide direct connections with SEPTA’s Suburban Station, enhancing accessibility and providing new options for commuters. The $1.2 billion mixed-use tower is expected to be the tallest building in the United States outside of New York and Chicago and will be the largest private development project in the history of Pennsylvania.
“This is yet another historic moment for Comcast,” said Brian L. Roberts, Chairman and CEO, Comcast Corporation. “We continue to be proud to call Philadelphia our home, and are thrilled to build a world-class media, technology and innovation center right in the heart of the City, to bring NBC 10 and Telemundo 62 downtown, and to create thousands of jobs and further drive economic activity in the region. We have assembled an incredible design and development team to expand our vertical campus, and I am more excited than ever about the future of Comcast in Philadelphia.”
Liberty Property Trust Chairman and CEO William P. Hankowsky said, “Liberty is thrilled to again have the opportunity to develop a transformative project for the city of Philadelphia, a project that will significantly contribute to the continuing renaissance of Center City as a forward-looking yet uniquely livable urban environment.”
Lord Norman Foster commented, “This is a very special project. It is an opportunity to create a unique and sustainable model for mixed-use, high density development, which uniquely combines spaces for high tech research and development with restaurants, gardens, fitness facilities and a significant public reception space – a window on Philadelphia. At ground level this ‘urban room’ embraces the city; it opens the building to the public and anchors it as a vital new neighborhood. It also links directly into the below ground public transport system. Above this, the highly flexible loft-like spaces and studios are designed for a dynamic way of working – an engine for the city’s evolution as the kind of leading technology hub presently associated with Silicon Valley. We look forward to continuing our collaboration with Comcast and Liberty Property Trust to further develop an outstanding location and a new landmark on the Philadelphia skyline.”
In addition to office space, the Comcast Innovation and Technology Center will house a Four Seasons hotel, featuring more than 200 rooms. The luxury hotel will include world-class spa, fitness, event and meeting facilities as well as an exciting new restaurant located on the top floor of the building, offering spectacular 360 degree city views.
“Four Seasons has called Philadelphia home for more than 30 years,” said Scott Woroch, Executive Vice President Worldwide Development, Four Seasons Hotels and Resorts. “During this time we have set the standard for luxury hospitality in the city and become an integral part of the community. Today, Philadelphia is experiencing renewed growth and popularity. We are proud to be a part of one of the largest, most exciting new developments in the region and reaffirm our long-standing commitment to this great city.”
Four Seasons will continue to manage its existing hotel at 1 Logan Square and assist the owner with the transition to a new brand prior to the expected opening of the new hotel in 2017.
The Comcast Innovation and Technology Center will generate a staggering amount of upfront economic activity during the project’s construction period alone, including $2.75 billion in economic activity within the Commonwealth and the creation of more than 20,000 temporary jobs. The estimated direct and indirect ongoing impact of the Comcast Innovation and Technology Center is also remarkable, creating almost 4,000 new permanent jobs within the Commonwealth and 2,800 new permanent jobs within the City. The project will also produce $30.7 million in annual Commonwealth tax revenues and $21.5 million in annual City tax revenues.**
Comcast and Liberty Property Trust will establish Economic Opportunity Plans to demonstrate the companies’ commitment to diversity and to ensure the participation of minority contractors during the construction of the Comcast Innovation and Technology Center.
“Comcast's announcement is another chapter in Pennsylvania's transformation. Our economy is growing, job creators from small businesses to Fortune 500 companies are thriving and our citizens are going back to work,” said Pennsylvania Governor Tom Corbett. “I'm excited that our partnership with Comcast will not only revitalize and transform Philadelphia's downtown areas, but will also create at least 1,500 new family-sustaining jobs. Comcast is not alone in believing in our workforce and in Pennsylvania's very bright future.”
“This new building is a game-changer for Comcast and for Philadelphia,” said Mayor Michael A. Nutter. “A world-class building, designed by a world-class architect, built by a world-class developer for a world-class company, all happening in the world-class city of Philadelphia. This building will serve as yet another physical monument to the transformation of this city, home to global companies, transformative technologies, standard-setting buildings, and some of the most talented entrepreneurs in the United States. Congratulations to all involved in this project. We are very proud that Comcast calls Philadelphia home.”
“The arrival of the Comcast Innovation and Technology Center makes it perfectly clear that Philadelphia is a premiere U.S. hub of innovation, technology, creativity and productivity,” Council President Darrell L. Clarke said. “This announcement isn’t just about boosting economic activity in our City – it is proof that Philadelphia’s greatest assets are its people. The jobs and opportunities the Center will provide will not only retain and attract top talent in media, technology and commerce, but will feed the private-public partnerships that ensure future generations are educated and trained to run innovative companies such as Comcast. I thank all the partners involved for their diligence and collaboration on what will certainly be an amazing asset to Philadelphia and the Commonwealth of Pennsylvania.”
Construction of the Comcast Innovation and Technology Center will commence in the summer of 2014, and the building is expected to be complete in the fall of 2017. It will seek LEED Platinum certification. Comcast will execute an initial lease for at least 957,000 square feet, or approximately 75 percent of the rentable office space, for a term of 20 years.
The project will be owned by a joint venture, 80 percent owned by Comcast and 20 percent by Liberty Property Trust, and managed by Liberty. The project includes an approximately $1.2 billion private investment of which approximately $900 million will be funded by the joint venture and approximately $300 million will be tenant funded interior improvements.
Comcast Corporation and Liberty Property Trust held an international competition of some of the most renowned architects around the world and selected Lord Norman Foster of Foster + Partners.
For more information, including a video and images, click here.
**Economic impact estimates provided by Econsult Solutions in the recently released report, “The Economic and Fiscal Impact within the City of Philadelphia and the Commonwealth of Pennsylvania of Comcast Corporation and of its Proposed Expansion Development.”
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA, CMCSK) is a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. Comcast Cable is the nation's largest video, high-speed Internet and phone provider to residential customers under the XFINITY brand and also provides these services to businesses. NBCUniversal operates 30 news, entertainment and sports cable networks, the NBC and Telemundo broadcast networks, television production operations, television station groups, Universal Pictures and Universal Parks and Resorts. Visit www.comcastcorporation.com for more information.
About Liberty Property Trust
Liberty Property Trust (NYSE:LRY) is a leading real estate company dedicated to enhancing people's lives through extraordinary work environments. Liberty's national portfolio currently consists of 103 million square foot portfolio of office and industrial properties. Headquartered in Greater Philadelphia, Liberty or its predecessor company, Rouse & Associates, developed The Philadelphia Stock Exchange Building, One and Two Liberty Place, Comcast Center, Great Valley Corporate Center, and is currently developing The Navy Yard Corporate Center. Visit libertyproperty.com for more information.
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, demonstrated the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He discussed from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT to transi...
Mar. 29, 2017 05:00 AM EDT Reads: 6,393
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Mar. 29, 2017 04:00 AM EDT Reads: 15,069
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Mar. 29, 2017 04:00 AM EDT Reads: 3,166
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 29, 2017 03:45 AM EDT Reads: 2,120
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Mar. 29, 2017 03:30 AM EDT Reads: 11,725
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Mar. 29, 2017 03:30 AM EDT Reads: 3,201
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Mar. 29, 2017 03:30 AM EDT Reads: 3,336
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Mar. 29, 2017 03:30 AM EDT Reads: 3,200
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Mar. 29, 2017 03:00 AM EDT Reads: 6,060
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
Mar. 29, 2017 01:45 AM EDT Reads: 5,422
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Mar. 29, 2017 01:15 AM EDT Reads: 2,477
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 29, 2017 01:15 AM EDT Reads: 9,196
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Mar. 29, 2017 01:00 AM EDT Reads: 1,094
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Mar. 29, 2017 12:15 AM EDT Reads: 1,400
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
Mar. 29, 2017 12:15 AM EDT Reads: 8,475