Toll Brothers Relocates PA Headquarters
- Jan 31, 2019
Toll Brothers has signed a 163,000-square-foot, full-building lease at 1140 Virginia Drive in Fort Washington, Penn. The construction company plans to move its headquarters, alongside 900 employees in the fall of 2019, relocating from 250 Gibraltar Road in Horsham, Penn.
The single-story asset, owned by Somerset Properties, sits next to other corporate headquarters, such as Ashfield Healthcare and Ditech Home Loans, and is positioned within walking distance of Interstate 276. The Fort Washington interchange with the Pennsylvania Turnpike is less than 2 miles away.
Recent renovations, ongoing upgrades
The building was initially constructed in 1972 and underwent a $10 million redevelopment conducted by the owner. The property previously served as a warehouse but was converted to loft office space. Additionally, the tenant joined forces with design firm D2 in transforming the space in order to meet its current needs and accommodate future growth.
CBRE Executive Vice President Scott Miller and First Vice President Rija Beares represented Toll Brothers in the lease transaction. CBRE recently brokered another major lease—328,000 square feet in an upcoming tower in New York City.
“Toll Brothers conducted a thorough site selection process and 1140 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,” Miller said in a prepared statement.
Image courtesy of CBRE