Wednesday, October 14, 2020

DLL puts its longtime Wayne HQ building up for sale as remote work continues

 Natalie Kostelni Reporter Philadelphia Business Journal

De Lage Landen Financial Services Inc. has put up for sale its North American headquarters off Swedesford Road in Wayne.

The Netherlands company, which goes by the name DLL, paid $20 million in 2000 for the 207,000-square-foot building at 1111 Old Eagle School Road and moved 600 employees into it. Since mid-March, the building has been empty as the company has operated fully on a remote basis.

It’s a set up that has been working for DLL, according to a statement it made in late August on its results for the first six months of the year.

“Over the past months, we have clearly demonstrated the ability to operate our business on a 100% remote basis in more than 30 countries, while managing the well-being of our employees and supporting our customers during their time of need,” the company said in a statement announcing its results for the first half of this year. “Despite the impact of the pandemic on our risk costs, the underlying performance of our business model remained both positive and strong.”

The Dutch company intends to lease back a fraction of the building as part of its evaluation of its real estate needs. Its plan is to lease around 85,000 square feet and vacate the remainder of the space. However, if a tenant came along and wanted to lease the entire building or a buyer wanted it vacant, DLL would be in a position to consider that as well, according to sources familiar with the company’s outlook.

Full story: https://tinyurl.com/y344h327

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