City wants KOZ for Brandywine's Cira, other projects
by Joseph N. DiStefano, Posted: June 10, 2008
BlackRock Inc., the New York money manager with operations across New Jersey, Philadelphia and Delaware, earned $1 billion in after-tax profits last year. It might not sound like an obvious candidate for local tax relief. Especially if it can pay the $40-plus a square foot demanded for new construction in and around Center City, where most local firms get by in the $20-30 range. But in the complex calculus of Pennsylvania and Philadelphia corporate tenant-shopping, companies like BlackRock and the builders who accomodate them are candidates for Keystone Opportunity Zones and other species of income and/or property tax breaks, which Gov. Rendell is working to expand and renew in his current budget, with backing from local officials like Mayor Nutter. Here's what BlackRock's current and potential U.City landlord, Brandywine Realty Trust CEO Gerry Sweeney, told Citigroup analyst Irwin Guzman, in a May 1 conference call, about the possibility BlackRock will announce it's moving jobs to Brandywine's proposed Cira South, near Penn, before July 1: “Certainly those development sites are located in the same tax zone as the existing Cira Centre is, so it's a very good focal point for the city and for the region to bring in companies from outside.BlackRock is an existing tenant in Cira Centre," and Cira South "is one of the properties they have targeted... We are also talking to a number of other large potential tenants who again would find the access to the Northeast corridor very attractive.”
Posted: June 10, 2008 - 1:48 PM
Joseph N. DiStefano
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