The Philadelphia Stock Exchange has moved closer to building a data center about five miles from its downtown headquarters.
The exchange said Wednesday that it had agreed to a 15-year lease of a yet-to-be-built facility at the Naval Business Center in South Philadelphia. The building's developer, Liberty Property Trust, said Wednesday that it planned to break ground within a month, though it did not yet own the land.
The move suggests that the exchange is confident it will be able to reap the tax benefits of locating in a Keystone Opportunity Improvement Zone. Participation in the zone requires city and state approval, which the exchange is seeking.
Total cost of the project, including the technology the exchange would need, is expected to range from $25 million to $30 million.