Developing Philadelphia's Newest Office Building

Philadelphia’s newest office building, built from the ground up for global insurance company Chubb, has opened at 2000 Arch St.—a project on which Ballard Spahr attorneys advised the developer, Parkway Corporation, on real estate and finance matters.

Lawyers from Ballard Spahr’s venerated Real Estate Department worked in coordination with the in-house team at Parkway, which led development and construction of the 18-story LEED Platinum-certified building for Chubb, the world’s largest publicly traded property and casualty insurer. The new building represents “a $380 million investment in the city and will serve as a workplace for nearly 3,000 Chubb employees,” Chubb said in announcing the building’s recent grand opening.

“This development marks a major milestone for Philadelphia,” Parkway Corporation said in its announcement.

The new building marks one of the largest private investments in Center City Philadelphia in recent years. In a signal of its significance, the grand opening ceremony was attended by luminaries that included Philadelphia Mayor Cherelle L. Parker and Rick Siger, Pennsylvania’s Secretary of Community and Economic Development, representing Governor Josh Shapiro.

Ballard Spahr attorneys guided Parkway Corporation on real estate and finance aspects of the project. A longtime firm client, Parkway is a Philadelphia-based real estate developer, investor, and best-in-class parking operator.

Bart Mellits, partner and former chair of Ballard Spahr’s national Real Estate Department, along with Finance Partner John Engel, led the team that advised Parkway Corporation on the transaction.