Sixteen foot ceilings, one and a half acres of green space, and a living green wall in a state-of-the-art tech lounge. It may not scream “data center,” but then again, that was the point.
The Fort Washington Technology Center at 1100 Virginia Drive is just one of the Class A office buildings creating renewed demand in Fort Washington. It is, however, the biggest. Owned by Somerset Properties, the sprawling 660,000 square foot asset is the largest multi-tenant office building in the Philadelphia suburbs.
In October 2017, AON Affinity will begin a 12 year lease for 77,000 square feet, kicking off the redevelopment of a 227,000 square foot portion of the building. Even with additional commitments in the works, the building is so large that 150,000 square feet of leasable space remain.
We’re proud of the amenities at this property; a fitness center, basketball court, wellness center, Starbucks cafe, and dry cleaning all make work-life balance a little more, well, balanced. It’s also state-of-the-art with a flexible tech lounge and dual feed electric, vital to technology centers because it ensures uninterrupted power.
One of the most exciting aspects of this building, however, is what its redevelopment says about the area of Fort Washington. FWTC’s transformation is indicative of growing Fort Washington leasing momentum overall, ending 2016 with a 21.7% drop in the total vacancy rate. Overall rental rates have jumped 9.4% year-over-year due to the conversion of Class B to Class A assets, pushing the average asking rent of Class A buildings to more than $27 per square foot, including electric.
“Fort Washington is transforming, making significant improvements to streetscapes and parks,” said Mike MacCrory, JLL Senior Vice President. “JLL is seeing that translate into office leasing demand, with absorption and prices both on the rise.”
As suburbs like Fort Washington continue their upward climb, Greater Philadelphia is becoming an even greater destination for business and technology. For more information on Philly’s tech gains, visit http://jllcampaigns.com/jlltechspec/philadelphia.