TAXES

A new report shows the Philadelphia Beverage Tax brought in$11.3 million in January and February, $817,000 less than the same time last year. It need to generate about another $28 million over the next three months to meet its annual goal for the physical year. Read more at The Philadelphia Business Journal.

 

REAL ESTATE

An affiliate of Korea Investment Management Co. has purchased the Navy Yard’s Five Crescent Drive from Liberty Property Trust for $130.5 million. The 208,000-square-foot building is home to GlaxoSmithKline’s U.S. headquarters, which has a long-term lease in place and is the building’s only occupant. Read more at BisNow.

 

REGULATIONS

New Jersey won its case against the Professional and Amateur Sports Protection Act on Monday when the U.S. Supreme Court declared the law unconstitutional in a 7-2 decision, allowing the state to continue with its efforts to legalize sports betting. Other states are likely to follow. Read more at Philly Voice.

 

TOURISM

Center City District (CCD) and Friends of the Rail Park will officially cut the ribbon on the first phase of the Rail Park on June 14th. The project follows the trail of the long-ago abandoned Reading Viaduct rail line. Read more at Philly Curbed.