Philadelphia Insurance has stopped its search for a new location and signed a long-term lease on its current Bala Cynwyd headquarters, writes Natalie Kostelni for Philadelphia Business Journal.

Philadelphia Insurance established its headquarters in the Bala Plaza complex nearly two decades ago and its lease was set to expire in 2019. However, after an exhaustive three year search for a suitable custom built location, the insurer has decided to stay at Bala Plaza together with its parent company, Tokio Marine Holdings.

The decision comes as no surprise, as the firm was running out of time to develop a new building before its current lease expired. The newly signed lease increases the company’s 250,000-square-feet of space by an additional 35,000. Also, as part of the new lease, the landlord has also committed to several major upgrades to the complex.

This is good news for the Bala Cynwyd office market which has avoided a significant blow that could have potentially seen the firms’ over 1,000 employees move outside Lower Merion.

“It’s a significant renewal and big news for the market,” said Scott Gabrielsen, a broker with CBRE. “It helps stabilize the market.”

Read more about the lease at Philadelphia Business Journal by clicking here.