By Paul Schwedelson – Reporter, Philadelphia Business Journal
An Irish technology product developer has signed a long-term lease for 50,000 square feet in Wayne, moving the company’s local office four miles east and downsizing by 38%.
TE Connectivity plans to move to 680 E. Swedesford Road by January 2026. The firm will take the first two floors of the four-story, 102,000-square-foot building, which is set to undergo a major renovation. It’s a downsize from TE Connectivity’s 80,000 square feet of space at Brandywine Realty Trust-owned 1050 Westlakes Drive in Berwyn.
TE Connectivity (NYSE: TEL) generates approximately $16 billion in revenue annually and has 85,000 global employees. The firm moved its headquarters from Switzerland to Ireland last year.
The lease is a key step for Long Beach, California-based Ensemble Investments, which bought the fully vacant Wayne building two years ago. With half the building now leased, Ensemble is planning to renovate the property with a new façade, roof, floor-to-ceiling windows, mechanical equipment, a modern lobby and updated restrooms. The project is expected to be completed by the end of this year. Architectural firm NORR is designing the renovations.
Ensemble acquired 680 E. Swedesford Road and the office building next door at 650 E. Swedesford Road, which is also 102,000 square feet, for $33.5 million. Ensemble bought the two properties from Prologis, which picked up the buildings as part of its $13 billion acquisition of Liberty Property Trust in 2020.
650 E. Swedesford Road was previously Liberty Property Trust’s headquarters and was renovated in 2018. Ensemble Investments' East Coast managing directors Mark Seltzer and Brian Cohen both previously worked at Liberty Property Trust.
The property is two miles from the King of Prussia Mall and a mile west of the intersection of I-76 and Route 202.
When Ensemble bought the building, Seltzer and Cohen believed demand would still exist for high-quality, well-located office space with natural light and parking access despite rampant downsizing across the office market. They had already seen their theory tested at the Navy Yard in South Philadelphia, which they are redeveloping alongside Mosaic Development Partners.
The lease at 680 E. Swedesford Road “validates the strategy,” Seltzer said.
To secure financing for the renovations, Seltzer said Ensemble felt it needed to lease half the building. That meant finding a tenant looking for at least 50,000 square feet and willing to wait until the renovations are completed.
Full story: http://tiny.cc/48ha001
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.