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Comcast building $1.2B innovation and technology center in Philadelphia

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Comcast (Nasdaq: CMCSA) said Wednesday that it plans to begin construction this summer on a 59-story office tower that will "neighbor" its headquarters, and house technologists, engineers and software developers.

The company said it will spend $1.2 billion on the Comcast Innovation and Technology Center building, and that it will lease about 75 percent of the rentable office space itself.

The cable giant said that it will also move the operations of owned-and-operated NBC station WCAU-TV and Telemundo station WWSI-TV into the building. The mixed use space will also contain a Four Seasons hotel with more than 200 rooms.

About 4,000 "new permanent jobs" will be created in Pennsylvania from the new building, and Comcast said it'll also result in 20,000 temporary jobs during the construction. The building is expected to be complete in fall 2017.

The MSO said it will own 80 percent of a joint venture that it created for the construction project, and that property manager Liberty Property Trust will own 20 percent.

For more:
- see the release

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