Welcome!

News Feed Item

Comcast to Expand Philadelphia Presence with State-of-the-Art, $1.2 Billion ‘Comcast Innovation and Technology Center’

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 Lor ...

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.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
"Software-defined storage is a big problem in this industry because so many people have different definitions as they see fit to use it," stated Peter McCallum, VP of Datacenter Solutions at FalconStor Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
The competitive landscape of the global cloud computing market in the healthcare industry is crowded due to the presence of a large number of players. The large number of participants has led to the fragmented nature of the market. Some of the major players operating in the global cloud computing market in the healthcare industry are Cisco Systems Inc., Carestream Health Inc., Carecloud Corp., AGFA Healthcare, IBM Corp., Cleardata Networks, Merge Healthcare Inc., Microsoft Corp., Intel Corp., an...
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.