[mglan80]

^I really don't think it'll be that bad. There're still going to need most of the functions they have now, just slightly reduced. The HR, legal, and most of advertising will go, and probably some of the accounting and finance departments, but I think some of those functions will remain together with the credit card division right here in Wilmington. I think a lot of the cuts will come from call centers and the overlap I mentioned above. I don't think it'll be a disaster for the Wilmington office market. In fact, they may end up consoldidating more jobs in the Wilmington office from other sites like Deerfield and Ogletown.

Two Christina is on the hold list now, until they get enough leasing to fill at least 45%-50% of the space. I don't know if the market is going to be able to absorb the space that is coming in the next year or two (Renaissance and WSFS Bank Center) to justify another 250,000-300,000 sq. ft. It would be an outstanding building (like all the ones BRT builds), but I'd put my money on a late 2007 start. Absorption is pretty good, but not that good. Too bad Aramark didn't take the offer the City made a few years ago, I'd be looking at that tower right now!

WSFS Bank Plaza is coming along. They have a fast construction schedule to deal with, so this one will go quickly. They need to have the top three floors finished by late 2006 for Morris, James, Hitchens & Williams, so they need the foundation poured and steelwork (?) started before the first freezing tempuratures.