With not quite the same cross country cache of an Amazon HQ move, leaving Horsham for Fort Washington is still enough to make waves in Montco.
Toll Brothers Inc., which has been based at 250 Gibraltar Road in Horsham since late 2004, is nearing a lease deal at 1100 Virginia Drive in Fort Washington, according to multiple sources. The company would lease around 160,000 square feet. The Fort Washington building is roughly four miles from its current headquarters, writes Natalie Kostelni for Philadelphia Business Journal.
In another deal, Pennsylvania Real Estate Investment Trust is said to be leaving its long-time home in the Bellevue at 200 S. Broad St. in Center City and has leased approximately 45,000 square feet at One Commerce Square, according to sources. The lease would take PREIT off of the Avenue of the Arts, where it’s has been located for two decades, and move the Trust to the far edges of the Central Business District.
A spokeswoman from Toll Brothers declined to comment. A spokeswoman from PREIT couldn’t be reached for comment.
Toll Brothers has a lease on the entire Gibraltar Road building, which totals 203,000 square feet, until October 2019. It doesn’t own the building and has been looking for new space in the market for some time. A loan backed by the building was put into foreclosure proceedings in 2017. The property at 1100 Virginia had been used for the Fort Washington Expo Center for years but is now a multi-tenant office building.
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