200 North 16th St, Philadelphia, PA
     


Franklin Tower is a twenty-four story, 607,474 rentable square foot office building that was completed in 1980. The rectangular building measures 240' by 118', with two diagonally opposite saw tooth corners on the northeast and southwest corners, which provide three corner suites each. The floor plate contains approximately 26,000 rentable square feet, a good size for large and small office users, multi-family developers and hotels. The 40' distance from the core to east and west window lines allows for north/south corridors on both sides of the center core that apartment or hotel rooms can use as access. From an office standpoint, the center core provides a variety of office layouts from standard perimeter offices, to open floor plan layouts.

The building is on the northwest corner of 16th and Race Streets and is situated on a 0.91 acre rectangular shaped site. The site is zoned CMX-5 and has 336 feet of frontage on 16th Street and 118 feet of frontage on Race Street. The remainder of the 16th to 17th, Race to Vine Streets block consists of a 759 room Sheraton convention hotel and a 225,000 square foot, eight-story soon-to-be Performing Arts Charter School. The shared driveways allow for access to the building's parking and entrance at ground level from either 16th Street or 17th Street, both of which are one way northbound and southbound, respectively. The Sheraton and Franklin Tower were developed at the same time and share a 450 parking space, two-story, underground parking garage. Franklin Tower owns a 30% share in the parking that is under a reciprocal easement agreement between the two properties. Occupants of Franklin Tower enjoy access to the Sheraton's restaurant and coffee shop amenities.

Franklin Tower has two distinct ground floor lobbies. The high- rise elevator lobby is on the south side of the building and has its own entrance off of Race Street, while the second lobby has an entrance on 16th Street and includes the low-rise and mid-rise elevator banks. These separate lobbies easily allow mixed-uses within the building or can provide additional tenants with private entrances. A separate inner corridor has elevators from the garage levels and its own entrance from the common drive between Franklin Tower and the Sheraton Hotel. The three elevator banks contain twelve elevators, which went through a complete modernization from 2006-2008. The ground floor features a property management office and other open areas that could be redeveloped as retail space. Retail demand during the work week and weekend should be very strong as a result of the Property's proximity to the interstate interchange and the 759 room Sheraton's adjacent lobby.

From a mechanical standpoint, One Franklin Plaza is fully equipped to handle a mixed-use scenario of at least four separate uses. The three elevator systems ensure tenants are easily transported from their respective lobbies to their floors. The retail component on the first floor (see the opposite page) provides a fourth use, providing the new owner with multiple tenancy scenarios.

 

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Residential Conversion

Today's generation of city dwellers crave a live, work, play environment and the city now provides that. Franklin Tower would provide the ultimate CBD location for workers because of its immediate access to Interstate 676 and its on-site parking. The Property also has unobstructed views in all directions.