Tuesday, August 8, 2017

Vanguard sells building in Wayne

by Natalie Kostelni Reporter
Philadelphia Business Journal

Vanguard Group has sold an office building it occupies at 455 Devon Park Drive in Wayne, Pa., for around $15 million.
The mutual fund company bought the 130,000-square-foot building in 1999 and is one of the few properties it owns outside of its main Malvern, Pa., campus where it is headquartered. E. Kahn Development Corp. bought the property. Jim Galbally of JLL arranged the transaction.

Even though Vanguard sold the property, it will remain in the space.

“As part of the agreement, we’ll continue to lease the building while we take some time to assess the right future location for the crew that currently work there,” said Arianna Stefanoni Sherlock, Vanguard spokeswoman.

It’s not totally unusual for Vanguard to occupy space off of its main campus. In 2008, it occupied 151 S. Warner Road, a 90,000-square-foot office building. At the time, the company needed some extra space while a new building called Three Quarry Ridge was being constructed. Vanguard vacated the Warner Road space in 2014.

Now Vanguard is in the early stages of planning new buildings in Malvern to accommodate its continued growth. The company has said it would initially construct one structure that would be between 180,000 and 240,000 square feet.

Full story: http://tinyurl.com/ydd3x6uu

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