Law firm Morgan, Lewis & Bockius LLP is nearing a deal for a new headquarters building on west Market Street, one of two Center City Philadelphia office projects that could rise on land owned by developer Parkway Corp.
A Morgan Lewis spokesperson said in an emailed statement Thursday that it is in “active negotiations to sign a letter of intent to move in three years to a new development” at the 23rd and Market Street site.
“As we maintain a constant focus on client service, we believe this new development will provide creative space design infused with cutting-edge technology that will increase collaboration and operational efficiencies,” the law firm said.
Parkway began working in January on designs for an 18-story tower that would occupy most of the southern side of the 2200 block of Market Street, it said in an application for a state redevelopment subsidy for the $175.9 million project.
The developer also is working on a 15-story office tower proposal for an undisclosed tenant on property that it owns at 20th and Arch Streets.
Morgan Lewis’ negotiations for the Market Street site were first reported by the Philadelphia Business Journal. The law firm is currently located at 1701 Market St.