Dechert, Eying Move to Schuylkill Yards, in Legal Staredown with State over Tax Credits
Dechert is locked in a legal fight with a state agency over its plan to secure tax credits to move into one of two office towers set to be built in the Schuylkill Yards development in University City, in a case that could have massive implications for tenants, landlords and developers.
“This is a significant case,” said Philip Rosenfeldt, a real estate lawyer with Blank Rome. “The issue is that while you are improving a blighted area by moving, you are leaving a hole in another one and risk it returning to blight. But in the case of a modern building like Cira Centre, I’m not sure that’s a big risk. The value of the building could certainly be impacted due to the vacancies though.”
"Dechert, Eying Move to Schuylkill Yards, in Legal Staredown with State over Tax Credits," by Jeff Blumenthal was published in the Philadelphia Business Journal on February 14, 2020.