Parkway Breaks Ground on $200M Office Tower in Philadelphia for Law Firm Morgan Lewis
PHILADELPHIA — Parkway Corp., a family-owned real estate developer and manager based in Philadelphia, has started construction of 2222 Market in its hometown.
The $200 million office tower will be situated in Philadelphia’s Center City district, and will be the first office property in the submarket not built for Comcast in 30 years.
Local law firm Morgan Lewis & Bockius will be the sole occupant of the development and was a key contributor to the design of the property.
The office building will span 305,000 square feet and include multiple outdoor terrace amenities, flexible workspaces, a fitness center and a conference center. Designed by Gensler, 2222 Market will also feature 10-foot ceilings throughout with floor-to-ceiling windows. Gensler is aiming to achieve both LEED-CS Gold and Fitwell certifications.
The property is located at the corner of 23rd and Market streets, seven blocks from City Hall and one block from the banks of the Schuylkill River. The office building is also situated near Comcast’s new headquarters with multiple transit options available to Morgan Lewis staffers within walking distance, including SEPTA’s Suburban and 30th Street stations, as well as the 22nd Street trolley station.
The Philadelphia Inquirer reported that Parkway secured $187 million in construction financing in August. The financing package included equity from Acore Capital, mezzanine debt and a loan from a multiple-bank syndicate. Meridian Capital Group arranged the financing.
Parkway plans to deliver the 19-story tower in 2022, according to Philadelphia Business Journal.
— John Nelson