What is currently being referred to as “building 4 at Four Points” is in the permitting phase, said Bill Redd, executive vice president and senior managing director for Brandywine Realty Trust.
The building will be about 165,000 square feet and, though it could be filled by one tenant, it’s more likely multiple tenants will rent space there, Redd said. He said he is hopeful construction will start around September with completion in late 2020.
Large tech and big commerce companies in growth mode are driving much of the new construction in the area, Redd said.
“It’s a bit of a tech submarket out there,” he said. “Five to seven years ago that submarket along RM 2222 wasn’t anywhere what it is now.”
The area has always appealed to residents, Redd added.
“As traffic and affordability challenges increase, people look farther out to find the space, yards and homes they want,” he said. “River Place and other nearby neighborhoods particularly attract a lot of mid-level and senior-level executives and family-oriented software engineers. The great school system and proximity to the lake are some of the elements driving the recent demand we’ve seen out there in the last five years or so.”
The growing ability to commute locally to high-level business and tech jobs from those residences feeds that demand, Redd said.