by Steve Lubetkin, Globest.com
Five Below is relocating its corporate headquarters to Philadelphia’s historic Lit Brothers Building at 701 Market Street where it will occupy approximately 180,000 square feet of class A office space plus approximately 15,000 square feet of multi-level retail space.
The 15-year agreement was negotiated with Independence Realty, a division of Brickstone, which owns the building with Madison International, according to Real Capital Analytics, a proprietary research database. Brickstone also owns The Wanamaker Building and other assets in the Market East submarket.
Five Below is relocating from 1818 Market Street, and plans to remodel the space that was once the home of Lit Brothers department store by infusing its own unique brand culture into the building’s rich history. Financial terms were not disclosed.
“We are so excited to continue our great legacy in Philadelphia,” says Joel Anderson, CEO of Five Below. “It’s been our top priority to keep our home base in the city where it all started. This new space will allow our associates to unleash their passions further in a collaborative environment.”
The collaborative efforts of state and city officials over the last three years to keep the retailer in Philadelphia and observed that 701 Market Street offers sufficient space to accommodate current operations as well as the retailer’s anticipated growth in the years ahead.
“Since day one, we knew Five Below needed to stay in Philadelphia,” says Tom Vellios, executive chairman and co-founder of Five Below. “Our first store opened in Wayne, PA, and our headquarters have always remained in center city Philadelphia. Keeping our headquarters in the city is a no-brainer for us. Five Below is a Philadelphia brand. Always has been, always will be. ”