Philadelphia's Newest $200,000,000 Office Landmark at 2222 Market Street

Welcome to DCRE TV's new series, Realty Recap! In this episode, we delve into the impressive 2222 Market St. project, recently named 2023 Project of the Year.

Project Highlights:
Developer: Parkway Corp.
Square Footage: 305,000
Price: $200 million
Estimated Completion: Late summer 2023
Tenant: Morgan Lewis & Bockius
Architects: Gensler and HYL Architecture
Builders: IMC Construction (exterior) and Structure Tone (interior)
Broker: JLL

Overview:
Last year marked a significant milestone for Philadelphia's central business district with the opening of 2222 Market St. This 19-story, 305,000-square-foot building, developed by Parkway Corp. for $200 million, is the first new high-rise office building in the area since Comcast’s second tower in 2017. It's also the first non-Comcast commercial office building in over 30 years. Morgan Lewis & Bockius, the largest law firm in the region and one of the top 10 in the world, relocated to 2222 Market St. from their longtime home at 1701 Market St.

Design and Amenities:
Designed by Gensler with interiors by HYL Architecture, and constructed by IMC Construction and Structure Tone, the building emphasizes modern amenities and flexible spaces.

Features include:
Rooftop terrace and lounge
On-site parking
Fitness center
Yoga Studio
Private bathrooms
13th-floor dining area provided by Aramark
16th-floor coworking space
17th and 18th-floor conference rooms and collaborative spaces
19th-floor dedicated amenities

Innovative Design:
2222 Market prioritizes a more equitable footprint with large corner offices replaced by tech-forward conference rooms and collaboration spaces. Personal offices for partners and senior lawyers line the building’s perimeter, while early career associates occupy interior offices. Stairwells are designed to encourage movement between floors without elevators.

Leadership and Vision:
The project, led by women leaders from Morgan Lewis, including Managing Partner Sarah Bouchard and Chief Real Estate Officer Valerie Pearce, reflects a commitment to flexibility and collaboration. Morgan Lewis signed a 21-year lease, aiming to future-proof their workspace.

Broader Impact:
This development is part of a broader revitalization of the Market West section of Center City, spearheaded by Parkway Corp. under CEO Rob Zuritsky. Parkway is also developing a $408 million, 438,000-square-foot office building for Chubb at 2000 Arch St., expected to be completed in 2026.

Conclusion:
The opening of 2222 Market St. signals a major commitment to Center City’s redevelopment, transforming an area once considered a wasteland into a vibrant business district. Morgan Lewis will consolidate operations into this state-of-the-art building, vacating 105,000 square feet at 1801 Market St. next year.

Stay tuned for more Realty Recaps on DCRE TV, where we bring you the latest and greatest in commercial real estate developments!

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