By Paul Schwedelson – Reporter, Philadelphia Business Journal
Automated warehouse company Exol has signed a 973,200-square-foot lease to fully occupy a Bucks County building, one of the largest industrial leases in the Philadelphia region in recent years and the biggest so far in 2026.
Chicago-based Logistics Property Co. completed the South Penn Logistics Center at 2300 S. Pennsylvania Ave. in Morrisville last year. Logistics Property Co. announced the lease Wednesday and industry sources told the Business Journal the tenant is Exol.
The South Penn Logistics Center sits along the Delaware River across from Trenton. The site is also just north of the Keystone Trade Center, another major Bucks County industrial site.
Menlo Park, California-based Exol was founded in 2023 and was previously known as GreenBox. Exol specializes in automated fulfillment using artificial intelligence.
The South Penn Logistics Center will be the firm’s sixth location and first in the Philadelphia region.The Morrisville lease is the firm’s first since changing its name.
Exol's lease is the fourth largest industrial deal in the Philadelphia market since the start of 2024. Beverage manufacturer DrinkPak’s signed a 1.4 million-square-foot lease last year for a build-to-suit building at South Philadelphia’s Bellwether District. Also in 2025, Performance Team took 1.2 million square feet at the Box Park Logistics Center in Cinnaminson, New Jersey, a project developed by Logistics Property Co.
In 2024, third-party logistics company Cirro initially leased 518,000 square feet for half of a building at the Keystone Trade Center and later expanded into the full 1 million-square-foot building.
Those were the only three single-building industrial leases in the Philadelphia region larger than Exol’s since the start of 2024.
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