Shire's decision to relocate its headquarters from
Chesterbrook Corporate Center in Wayne, Pa., to Lexington, Mass., means
eventually more than 400,000 square feet of office space could come on the
market.
It will not be vacated all at once, which will soften the
blow somewhat.
Shire has different lease expirations on the buildings it
now occupies and the company said it intends to retain a small office presence
in Chesterbook, where about 250 to 300 company employees will continue to work.
Shire (NASDAQ: SHPG) currently has 978 employees in
Chesterbrook and plans to relocate 500 jobs to Lexington in several phases
beginning in the first quarter of 2015.
The company occupies four buildings in the business park.
They are: 725-735 Chesterbrook Blvd., a two-building complex that totals
235,000 square feet; 1400 Liberty Ridge, which is about 100,000 square feet;
and 1200 Morris Drive, a 105,000-square-foot building.
It's speculated that the first property Shire will likely
move out of is 725-735 Chesterbrook Blvd., which is owned by Pitcairn
Properties. CBRE Inc. handles leasing at the property.
"They are beautiful buildings and we are confident
they will lease right up," said Dan Dagit, an office broker with CBRE who
oversees leasing the property.
Tenant activity is brisk and being driven by M&A
activity, relocations and growth, Dagit said.
The other two buildings' leases reportedly expire in 2017
and it's uncertain how much of that space Shire will continue to occupy.
Source: Philadelphia
Business Journal
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