Thursday, September 15, 2016

Aramark Selects Site for New Global HQ in Philadelphia

Aramark (NYSE: ARMK), the $15 billion, Fortune 200 global leader in food, facilities management and uniforms, has confirmed plans to relocate its global headquarters in fall 2018 to 2400 Market St. in Philadelphia, PA from current locations at 1101 Market St. and 100 Penn Square East.

For its new digs, the company will take over the four-story, former Hudson Motor Car Company plant, watching the 95-year-old facility transform into a modern, nine-story, 600,000-square-foot building with an emphasis on innovation, sustainability and green space.

Aramark will occupy the top five floors, totaling nearly 300,000 square feet, as the anchor tenant. The new location will provide the firm with a larger space that remains easily accessible to as many as 1,200 current and future employees. Aramark has called the City of Brotherly Love home for more than five decades.

Final building plans are pending city approval, but are expected to feature the Aramark logo as seen atop its current headquarters. Aramark's space will offer dynamic work spaces to promote collaboration, an associate dining facility, training facilities, a fitness center and green space with outdoor terraces.

"Earlier this year we proudly announced that the Keystone State and the historic and vibrant city of Philadelphia, which have been part of Aramark's success and growth for over half a century, will remain our home," said Eric J. Foss, Aramark's Chairman, President and Chief Executive Officer. "Today, we are announcing a new riverfront headquarters that will provide our associates with a dynamic work environment and exciting amenities to enable us to continue enriching and nourishing the lives of our clients, consumers and communities we serve."

The existing lower four floors will be re-built to accommodate current and future commercial and retail tenants, with 225,000 square feet of available office space as well as 70,000 square feet of restaurant and retail space facing a promenade overlooking the Schuylkill River Walk between Chestnut and Walnut Streets.

Continuing its commitment to the neighborhood, Aramark has announced a $100,000 contribution to the Schuylkill River Development Corporation (SRDC) to support the ongoing transformation along the Schuylkill River Trail and River Banks, an eight-mile corridor between the Fairmount Dam and Delaware River.

The site is owned by Philadelphia-based joint-venture partners The Lubert-Adler Real Estate Funds and PMC Property Group. Design work is being handled by Gensler as design architect and Varenhorst PC as executive architect.

Aramark's lease, which runs through September 2032, was facilitated with $20.5 million in state-sponsored incentives to the company, including infrastructure, redevelopment and employee training funds, in addition to expected incentives from the City.

"As one of the largest international corporations headquartered in Philadelphia, it was extremely important to the state that Aramark continued to call Philadelphia its home," concluded Pennsylvania Governor Tom Wolf. "The commonwealth served as a strategic partner throughout the process, working to ensure that Aramark remained here. We made the decision to further support Aramark by making a commitment to support the public infrastructure and redevelopment at the company's site to ensure the high number of jobs and private sector investment remain in Pennsylvania."

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