New Office Building to Break Ground at the Navy Yard

Liberty Property Trust and its joint venture partner, Synterra Partners, is breaking ground June 30, on its new 94,000-square-foot office building at the Philadelphia Navy Yard, despite not having secured any tenants yet.

The decision showcases how the South Philly campus has become one of Philadelphia’s most desirable office submarkets. A renowned international architectural firm, Bjarke Ingels Group, has designed the innovative structure which is expected to be stunning.

As a part of the project Liberty will also create “Central Green”, a 5-acre park designed by James Corner Field Operations. Central Green is intended to be a special outdoor space that is as much about being outside as it is about creating a place for the Navy Yard community to gather.

Pipeline Easement Notices for Affected Chester County Residents

Now that the West Goshen Township and the Concerned Citizens of West Goshen Township have signed the settlement agreement, work on the Mariner East pipeline has moved into high gear.

As a result, county residents living close to the pipeline have received easement documents. Shannon McDonald, an appeals lawyer in West Chester, PA, thinks that residents should review these documents closely.

“They should talk to a property lawyer regarding easement,” she noted. “They should review their own deeds and what their records show from when they purchased their property or home.”

Vanguard CEO Warns that the EU Would Suffer if the UK Left

Bill McNabb, chief executive of Vanguard, said that the EU has more to fear than the UK does from a British exit or “Brexit“, as it has been termed.

“If the UK withdraws from the political union, it would cause a real re-examination of whether the EU can be sustained” McNabb told the Financial Times. He said his group would continue to invest in the UK if it voted to leave the EU, but he warned that the union itself could splinter if Britain were to exit.

Malvern based Vanguard has its European headquarters in London and has expanded its European funds under management from $42 billion to almost $100 billion since McNabb took over in 2008.

 Corporations Call for the Removal of the Confederate Battle Flag

Johnson Development Associates CEO, George Dean “Geordy” Johnson III, issued a statement this week calling for the removal of the Confederate Battle Flag from the statehouse grounds in Charleston, S.C.

Johnson said in his statement, “We support the immediate removal of the Confederate flag from the statehouse grounds. We can maintain pride in South Carolina through tolerance and solidarity. The removal of this flag is a step in the right direction.”

Speaking on behalf of South Carolina-based Johnson Management and its affiliated companies, including Malvern based real estate investment trust CubeSmart, the statement is one of many issued by corporate leaders and politicians who have called for an end to official state use of the Confederate flag following the murder of nine African-Americans last week.

Amerisourcebergen CEO Reduces Holding

Stephen H Collins, President and CEO of Amerisourcebergen disclosed to the Securities and Exchange Commission (SEC) on June 23, that he sold 27,148 shares of his stock in the company on June 22, at $112.37 per share for a total value of $3,050,620.75.

Several senior executives have been reducing their holdings in the company over the last six months and the total percent of shares owned by company insiders is now 0.3%, a decline of 45.13% over the period. The Company has disclosed all insider buying and selling activities to the SEC.

Shares of AmerisourceBergen (NYSE:ABC) ended Friday up 0.23 points or 0.21% at $107.84 amid lower than average trading of 1.622 million shares during the day. The stock is still rated either a buy or hold by most brokers and has a 12 month target estimate of $119.56.