By Michelle Stockner CoStar Research
Late-night cookie maker Insomnia Cookies is relocating its headquarters from Newtown Square to Center City Philadelphia.
Insomnia Cookies is taking the former Walgreens space at 1 S. Broad St. for its new headquarters, offering both a "store of the future" and corporate offices for about 80 employees across 26,000 square feet and three floors. Its space will also include a test kitchen.
The landlord is New York-based Aion Partners. It took three separate transactions related to Insomnia's headquarters deal. Walgreens, along with numerous large retailers, declined to renew its lease amid the coronavirus pandemic. Facilitating the complex deal required navigating retail lease terminations, leases for temporary office space and the final lease for the three-story space.
Insomnia Cookies founder Seth Berkowitz began the cookie chain out of his dorm room as a University of Pennsylvania student almost a decade ago.
In addition to opening a new headquarters, Insomnia Cookies also recently announced plans to triple its store count in the next five years to a footprint of 600 shops nationwide.
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