On August 17, 1987, One Liberty Place officially opened for business in Philadelphia, becoming a turning point in the city's real estate and urban development history. The 61 storey skyscraper rose about 945 feet (288 metres) and became Philadelphia's tallest building at the time.

Its significance went far beyond its height. For decades, Philadelphia had followed an unofficial “gentlemen's agreement” under which new buildings were not supposed to rise above the statue of William Penn on top of City Hall. One Liberty Place broke that long standing height tradition and dramatically changed the city's development pattern.

Designed by architect Helmut Jahn and developed by Rouse & Associates, the office tower became the first phase of the wider Liberty Place development. Conrail was the first major tenant to move into the building when it formally opened on August 17.

The project's impact on commercial real estate was substantial. Its approval and construction helped trigger a new wave of high rise office development in Center City. Within only a few years, several skyscrapers taller than City Hall had appeared, helping transform the West Market Street area into one of Philadelphia's principal office districts.

The project therefore makes a particularly good ReNews “On This Date” item because it combines commercial real estate, skyscraper development, urban planning, property investment and the transformation of a major city's skyline.