Parkway Corp has announced plans for its $430 million Arch Street office tower at Philadelphia’s Center City district in Pennsylvania.
The developer is partnering with Chubb, a renowned insurance giant, who will serve as the anchor tenant for the development. The developer intends to commence construction on the project by February 2023.
Chubb, isn’t new to Philadelphia and is currently a significant employer in the city. However, the company expects the Arch Street office tower to be its largest office in North America.
According to Chubb, the project will provide about 1,250 new jobs in Philadelphia, once it’s operational in early 2026. The project will also provide supporting jobs from local unions during the construction phase.
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Design plans for the Arch Street office tower
A while back, L2P created a design plan for the 18 story Arch Street office tower. But the designer had to adjust the initial plans, with a slight height reduction from 260 feet to 257 feet.
One major change in L2P’s design was the shift away from the multidimensional facade to a more streamlined massing. Therefore, the project’s current design showcases a simpler facade treatment consisting of rectangular glass boxes broken up by brick.
This design pattern wraps up about half of the lower levels of the building.
Besides the office spaces, the property will also include a retail component on the southeastern corner of building’s first floor. Additionally the Arch Street Office will include two levels of below grade parking with 78 spaces.
Parking will be accessible from the northern side of the site and loading will be on the southern side. According to the developer, ground level will have an open and bright design for passersby.
Governor Tom Wolf was pleased with the state’s investment in the Arch Street office tower project. Especially since Chubb’s involvement as an anchor tenant would create a large workforce and also improve Philadelphia’s business environment.
The Redevelopment Assistance Capital Program is providing about $10 million in construction costs. While an additional $3 million will come from state funds.
