The Navy Yard Corporate Center, an integrating office and residential development with, retail shopping, restaurants, a conference center and a marina in Philadelphia, saw a groundbreaking on Monday on two of three planned flex buildings. The first two buildings will total 103,137 square feet of space. The facility at 4020 S. 26th Street will offer 51,560 square feet while its sister building at 4050 S. 26th Street will provide 51,577 square feet. A third building, which is expected to begin development once leasing of the first two is well underway, will expand the capacity by an additional 82,863 square feet. Liberty Property Trust and Synterra Partners also announced the signing of the project's first tenant as The Fretz Corp., an appliance wholesale distributor,agreed to lease 22,391 square feet, taking nearly half of the 4050 S. 26th Street building according to a CoStar report.
"The expansion of The Philadelphia Navy Yard as a growing center of business has been a smart investment for the city, developers and the companies that do business there. These two, new buildings will help the city to attract businesses that are new to the region or expanding within the city," said Mayor Michael A. Nutter. "I would like to thank PIDC, Liberty Property Trust and Synterra Partners for investing in the Naval Yard."
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