{"id":1004030169,"date":"2011-06-13T07:38:37","date_gmt":"2011-06-13T15:38:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004030169"},"modified":"2022-12-08T11:34:10","modified_gmt":"2022-12-08T19:34:10","slug":"work-commences-on-82m-five-crescent-drive","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/work-commences-on-82m-five-crescent-drive\/","title":{"rendered":"Work Begins on $82M Five Crescent Drive"},"content":{"rendered":"<p>June 13, 2011<br \/>\nBy Barbra Murray, Contributing Editor<\/p>\n<p><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/GlaxoSmithKline-Navy-Yard-exterior.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004030170\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/work-commences-on-82m-five-crescent-drive\/glaxosmithkline-navy-yard-exterior\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/GlaxoSmithKline-Navy-Yard-exterior.jpg\" data-orig-size=\"935,553\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"GlaxoSmithKline-Navy Yard &#8211; exterior\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/GlaxoSmithKline-Navy-Yard-exterior.jpg?w=935\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/GlaxoSmithKline-Navy-Yard-exterior.jpg\" alt=\"\" title=\"GlaxoSmithKline-Navy Yard - exterior\" width=\"300\" height=\"177\" class=\"alignright size-medium wp-image-1004030170\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/GlaxoSmithKline-Navy-Yard-exterior.jpg 935w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/GlaxoSmithKline-Navy-Yard-exterior.jpg?resize=300,177 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/GlaxoSmithKline-Navy-Yard-exterior.jpg?resize=768,454 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Liberty Property Trust and Synterra Partners have just broken ground on Five Crescent Drive, a 205,000-square-foot office building in Philadelphia that will become home to GlaxoSmithKline. Liberty will spend $82 million to develop the build-to suit facility, which will be located at the 70-acre Navy Yard Corporate Center within the 1,200-acre office, R&amp;D and industrial Navy Yard compound along the waterfront.<\/p>\n<p>In addition to premier accommodations, GSK\u2019s new facility will feature a bevy of conveniences including a fitness center, a restaurant, retail services and parking. The celebrated architectural firm of Robert A.M. Stern Associates is behind the design of the four-story structure, which will be an exceedingly green property, as is characteristic of all of GSK\u2019s developments. The building has been designed to achieve LEED Platinum certification from the U.S. Green Building Council. <\/p>\n<p>A certain rapport already exists between the developer, the architectural firm and the tenant.<\/p>\n<p>\u201cStarting with a fresh canvas, we have created a dynamic, invigorating workplace for the 21st century,\u201d John Gattuso, regional director and senior vice president with Liberty Property Trust, commented. \u201cOur long relationship with GSK, our lengthy and productive association with Robert A.M. Stern and our experience in creating sustainable workplaces that enhance comfort and productivity have inspired the design of this unique environment.\u201d <\/p>\n<p>GSK will occupy its new home under a 15.5 year lease and relocate all staff from its current digs at One and Three Franklin Plaza, located about five miles from the Navy Yard, no later than the first quarter of 2013. <\/p>\n<p>As it currently stands, GSK will be leaving a nice chunk of office space behind once it makes the move to its new building, and the Philadelphia office market will have to improve a great deal between now and then if it is going to absorb the excess space expeditiously. As of the close of the first quarter, the office vacancy rate in the city\u2019s CBD was 24.2 percent, according to a report by commercial real estate services firm Grubb &amp; Ellis. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Liberty Property Trust and Synterra Partners have just broken ground on the 205,000-square-foot office building in Philadelphia that will become home to GlaxoSmithKline.<\/p>\n","protected":false},"author":936,"featured_media":1004030170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,21747],"tags":[],"class_list":["post-1004030169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Work Begins on $82M Five Crescent Drive - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/work-commences-on-82m-five-crescent-drive\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Work Begins on $82M Five Crescent Drive\" \/>\n<meta property=\"og:description\" content=\"Liberty Property Trust and Synterra Partners have just broken ground on the 205,000-square-foot office building in Philadelphia that will become home to GlaxoSmithKline.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/work-commences-on-82m-five-crescent-drive\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-06-13T15:38:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T19:34:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/GlaxoSmithKline-Navy-Yard-exterior.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"935\" \/>\n\t<meta property=\"og:image:height\" content=\"553\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/work-commences-on-82m-five-crescent-drive\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/work-commences-on-82m-five-crescent-drive\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"Work Begins on $82M Five Crescent Drive\",\"datePublished\":\"2011-06-13T15:38:37+00:00\",\"dateModified\":\"2022-12-08T19:34:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/work-commences-on-82m-five-crescent-drive\\\/\"},\"wordCount\":350,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/work-commences-on-82m-five-crescent-drive\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2011\\\/06\\\/GlaxoSmithKline-Navy-Yard-exterior.jpg\",\"articleSection\":[\"Featured\",\"News\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/work-commences-on-82m-five-crescent-drive\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/work-commences-on-82m-five-crescent-drive\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/work-commences-on-82m-five-crescent-drive\\\/\",\"name\":\"Work Begins on $82M Five Crescent Drive - 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