By Veronica Grecu, Associate Editor
Chadds Ford-based Endo Pharmaceuticals will relocate to a new headquarters building in Chester County. Designed by L2 Partridge, the 320,000-square-foot facility will be developed by Trammel Crow Co. for IMC Construction on Route 29 in Malvern, according to a Philadelphia Business Journal news report.
Work has already begun at the site—the Atwater Corporate Center—which is owned by IMC Construction. Scheduled for completion by December 2012, the office complex will consist of two detached five-story buildings that will be connected by walkways and a single-story garage with 420 parking spaces. As reported by a similar article published by Philadelphia Inquirer, the pharmaceutical company has signed a 12-year lease with three renewal options, each for an additional 60-month extension. During the first year of the lease Endo agreed to pay a monthly rent of $466,250 and with each subsequent year, the amount will increase by 2.25 percent. The company can also add up to 150,000 square feet of space in the first four years, reports the Inquirer.
While Endo’s new headquarters project is seen as the first big commercial development in the region announced for 2012, Philadelphia Business Journal wrapped up 2011 with a list of commercial real estate highlights. The $1.25 billion paid by Simon Property Group for the 2.4-million-square-foot King of Prussia mall was the region’s biggest transaction in terms of dollars and square feet. A long distance away is the next big deal closed by David Werner Real Estate Investment, which paid $143.5 million for an 841,000-square-foot building located at 1700 Market Street, followed by an affiliate of the Morris Companies which purchased Ashbridge Square, a 386,016-square-foot shopping center in Downingtown, for $51.75 million.
Photo courtesy of IMC Construction website