The Vanguard Group broke ground Monday on an office building situated on the 87-acre Malvern plot acquired five years ago from Pfizer.

The 240,000-square-foot, four-story building will accommodate up to 1,600 employees, which Vanguard calls crew, and will offer 300 collaborative working spaces. It will be constructed next to two existing Vanguard buildings on the same plot and connect the three structures, which are situated just west of the investment management giant’s pre-existing campus, writes Jeff Blumenthal in The Philadelphia Business Journal.

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Paul Begin, Vanguard’s head of global corporate real estate and facilities management who originally announced the new building at a July Philadelphia Business Journal event, said it will be filled with a combination of existing crew and new hires from anticipated growth in the coming years.

“We’ve been blessed with success, which has translated in return for investors,” Begin said. “So we need to add more staff.”

He did not offer any specific projection for how many new employees would be hired in the coming years. Vanguard currently employs 12,500 people on its 13-building Malvern campus and more than 17,000 globally. Once completed, the three-building Malvern West campus will accommodate 3,000 of those crew.

Begin said Vanguard has an aggressive construction schedule that will begin in the first quarter of 2018, with hopes of occupying it by the second half of 2019.

Erdy McHenry Architects and Turner Construction will design and construct the sustainability-focused building, which will include stormwater management, energy efficiency, and increased occupant comfort with improved access to natural light and exterior views. Begin said he expects the new building to be LEED certified.

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