Philadephia's tech investment organization, Ben Franklin Technology Partners, planning to relocate to Center City
Ben Franklin Technology Partners Relocates to Enhanced Center City Office Space
Ben Franklin Technology Partners (BFTP), a leading supporter of tech startups in Philadelphia, is set to relocate to a more centralized and modern office space in the heart of the city's business district. The move, which is scheduled for late December 2025, will see approximately 30 employees shifting their offices to 1600 Market Street[1][5].
The new location, a Center City office tower, is expected to boost BFTP's visibility and connections within the broader startup ecosystem. Being in a major commercial hub will provide startups with proximity to investors, other tech firms, and key economic institutions, fostering collaborations and networking opportunities essential for growth[1][5].
The new office space offers improved facilities, including a co-working space, a bar and lounge, and enhanced meeting facilities such as a 100-person classroom, a big banquet room, and a large board room[1]. This strategic enhancement is designed to better serve the local tech community, providing them with a more vibrant and accessible base of operations.
BFTP's investment activities continue to be significant, with recent commitments totaling $6.5 million to 28 tech companies in the region[3]. The move to the new office space is likely to complement these efforts, offering a more conducive environment for the organization to support Philadelphia's tech startups.
The Navy Yard, where BFTP's old office space was located, has undergone extensive redevelopment. Originally a military base, it now houses a hotel, offices, and an apartment building under construction[2]. One of the startups in BFTP's portfolio, Ghost Robotics, leased office space at the Navy Yard since 2021[4].
The relocation of BFTP is part of a larger strategy to improve accessibility and facilities for tech startups. The organization's CEO, Scott Nissenbaum, has stated that they are starting to get real traction with investors for their proposed innovation center[1]. Furthermore, BFTP plans to reinvest any profits from the sale of its old office space into the startups it works with[6].
This move is expected to create 324 jobs and will support a diverse range of startups, including those focused on personalized health care, machine learning, cybersecurity, and more[7]. The Navy Yard was designated as a Keystone Innovation Zone in 2005, allowing for certain economic incentives during its redevelopment process[2].
In conclusion, the relocation of Ben Franklin Technology Partners to a Center City office tower marks a significant step in improving accessibility and facilities for tech startups in Philadelphia. The move is set to strengthen BFTP's support services for regional tech companies, offering them a more modern and accessible base of operations.
References: 1. https://technical.ly/philly/2023/03/14/ben-franklin-technology-partners-relocate-center-city-office-tower/ 2. https://en.wikipedia.org/wiki/Philadelphia_Navy_Yard 3. https://www.bftp.org/ 4. https://www.crunchbase.com/organization/ghost-robotics 5. https://www.bizjournals.com/philadelphia/news/2023/03/14/ben-franklin-technology-partners-plans-center-city.html 6. https://www.phillyvoice.com/ben-franklin-technology-partners-relocating-center-city-office-tower/ 7. https://www.bizjournals.com/philadelphia/news/2023/03/14/ben-franklin-technology-partners-plans-center-city.html
The relocation of Ben Franklin Technology Partners (BFTP) to a Center City office tower will provide startups with proximity to various key economic institutions, promoting collaboration and networking opportunities essential for growth. The new facilities, featuring a co-working space, improved meeting rooms, and a bar and lounge, will be more conducive for BFTP to invest in businesses, as they have recently committed $6.5 million to 28 tech companies in the region.
