The Independence Historical Trust received an $8 million grant from the state’s Redevelopment Assistance Capital Program to refurbish the 16th century-era First Bank building in Old City. The property will be renovated with new heating, air conditioning, restrooms and masonry repair and will eventually re-open as a museum. Read more at Curbed Philadelphia.
Conservation group Natural Lands invested $500,000 to develop a conservation easement preserving 49 acres of the 200-year-old Friends Hospital property in Frankford, one of the largest remaining undeveloped properties along Tacony Creek Park. Read more at the Philadelphia Business Journal.
COMMERCIAL REAL ESTATE
Reliance Standard Life Insurance Co. will relocate its 141,000-square-foot office at Two Commerce Square to a nearly 150,000-square-foot space at 1700 Market St. in 2020. San Francisco-based Shorenstein Properties purchased the property two years ago and has been working on renovations. Read more at BisNow.
Global Philadelphia Association will hold its third annual World Heritage City Celebration on Thursday. Philadelphia was named the first U.S. World Heritage City in 2015 in recognition of its unique heritages and common bonds. Read more at Global Philadelphia.
A near-record 2.7 percent of private-sector employees voluntarily left their jobs in July as job openings rose from 6.82 million the month prior, according to numbers released by the federal government this week. Read more at Market Watch.
T-Mobile announced a $3.5-billion agreement with Ericsson to use its 5G new radio hardware and 3GPP, including its digital services like dynamic orchestration, business support systems and Ericsson cloud core, which will be used to help T-Mobile roll out 5G services to its customers. Read more at Tech Crunch.