Transaction Marks One of the Largest Office Deals of the Year in the Philadelphia MSA
CBRE today announced that it has arranged a long-term lease for Toll Brothers’ new corporate headquarters located at 1140 Virginia Drive in Fort Washington, Pennsylvania. Toll Brothers, the nation’s leading builder of luxury homes, will occupy 163,000 sq. ft., making the transaction one of the largest office deals of 2018.
The CBRE team of Scott Miller, Executive Vice President, and Rija Beares, First Vice President, represented Toll Brothers during the lease negotiations.
“Toll Brothers conducted a thorough site selection process and1140 Virginia Drive was identified as the ideal site for the relocation of its headquarters due to the unique structural elements of the building as well as the amenity base it will provide to its employees,” said Mr. Miller.“The new corporate headquarters will enable Toll Brothers to provide its employees with a workplace environment which mirrors the world-class residential homes it delivers to its customers.”
The building’s landlord, Somerset Properties, spent more than $10 million redeveloping the property, which included the conversion of former warehouse space to loft office space.
“We were founded in the Philadelphia area over 50 years ago and wanted a new home in the region that would energize our organization and set us up for future growth,” stated Douglas C. Yearley, Jr., Chairman and CEO of Toll Brothers. “We were also looking for a site that is close enough to our current location to be convenient for employees, while still befitting a Fortune 500 company like Toll Brothers.We finally found it at 1140 Virginia Drive. To help us transform the space, we’re working with D2, a nationally acclaimed design firm that specializes in creating inspiring workplaces. We’re completely renovating the interior and putting a Toll Brothers stamp on the exterior, creating a state-of-the-art facility that will excite current and future employees and support our business for years to come.”
“We are pleased to welcome Toll Brothers to Upper Dublin Township as they join the growing business community in the Fort Washington Office Park,” said Ira S. Tackel, President, Upper Dublin Township Board of Commissioners. “We look forward to the participation from their organization and employees as new corporate citizens here. Toll Brothers’ commitment to relocate to Fort Washington will result in a significant positive impact on our local economy.”
Toll Brothers is expected to relocate its approximately 900 employees from their current space at 250 Gibraltar Road in Horsham, Pennsylvania, in the fall of 2019.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
AboutSomerset Properties, Inc.
Somerset Properties is a full service real estate operating company specializing in managing, leasing and redeveloping commercial properties. Since its inception in 1996 Somerset has acquired $500 million in real estate in the Eastern United States constituting more than 8,000,000 square feet of office and industrial space. Additional information is available at www.somprop.com.
About the Fort Washington Office Park
The Fort Washington Office Park is the primary center of business and industry in Upper Dublin Township. This 536 acre modern business park is strategically located at the crossroads of the PA Turnpike and PA Route 309, in the heart of suburban eastern Montgomery County and fourteen miles from Center City Philadelphia. This regional commerce center contains 6 million square feet ofcommercial space, including corporate office facilities, recreation, hotel, restaurant and light industrial uses.Upper Dublin Township’s major reinvestment program is improving public infrastructure, enhancing Turnpike access and adding new amenities to benefit local businesses and their employees. The office park is now being rezoned to allow new mixed-use and multifamily real estate development.
About Toll Brothers, Inc.
Toll Brothers is an award-winning FORTUNE 500 company founded in 1967, is currently operating in 20 states nationwide and is a publicly owned company listed on the New York Stock Exchange (NYSE: TOL). For five years in a row, Toll Brothers has been ranked the #1 Home Builder Worldwide on the FORTUNE Magazine “World’s Most Admired Companies®” list.* Toll Brothers also has been honored as national Builder of the Year by BUILDER magazine, and was twice named national Builder of the Year by Professional Builder magazine.
Toll Brothers builds an array of luxury residential single-family detached, attached home, master planned resort-style golf, and urban low-, mid-, and high-rise communities, principally on land it develops and improves. The Company acquires and develops rental apartment and commercial properties through Toll Brothers Apartment Living, Toll Brothers Campus Living, and the affiliated Toll Brothers Realty Trust, and develops urban low-, mid-, and high-rise for-sale condominiums through Toll Brothers City Living. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, and landscape subsidiaries. Toll Brothers also operates its own security company, TBI Smart Home Solutions, which also provides homeowners with home automation and technology options. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. Through its Gibraltar Real Estate Capital joint venture, the Company provides builders and developers with land banking, non-recourse debt and equity capital.
Toll Brothers proudly supports the communities in which it builds; among other philanthropic pursuits, the Company now sponsors the Toll Brothers — Metropolitan Opera International Radio Network, bringing opera to neighborhoods throughout the world. For more information, visit www.tollbrothers.com.
