by Natalie Kostelni-Staff Writer, Philadelphia Business Journal
Less than a year after moving into its new headquarters, Endo Health Solutions Inc. has decided it no longer needs all of the space it has and will sublease out half of its complex.
Endo relocated in January from Chadds Ford, Pa., into a newly constructed 300,000-square-foot, two-building complex at Atwater Corporate Center in Malvern, Pa.
The company intends to continue occupying one of the buildings totalling 150,000 square feet. It has enlisted Jones Lang LaSalle to sublease the other 150,000-square-foot building. Each structure stands five stories.
The company has been going through a series of changes throughout this year.
In February, Endo named Rajiv De Silva as its new CEO. He succeeded David Holveck, who retired.
De Silva was previously president of Valeant Pharmaceuticals and a senior executive at Novartis. Once he arrived at Endo, he went to work on building on the company’s strengths to “deliver top line growth while also improving cost management, execution and integration to enable Endo to make the most of its many opportunities and create value for its shareholders.”
That meant taking a look at every aspect of the company’s operations including its new headquarters. As a result, Endo decided to reduce annual operating expenses by $325 million and let got of 15 percent its employees across the company. New leadership was brought in and the company changed in other ways that effected how it uses its office buildings in Malvern.
Full story: http://tinyurl.com/mpdlwa9
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