As Toll Brothers prepares to move from Horsham, the 203,0000-square-foot building that was the homebuilder’s headquarter for fifteen years has been put up for sale, writes Natalie Kostelni for the Philadelphia Business Journal.
The property was owned by a limited liability corporation Buckhead Gibraltar.
However, it defaulted on the loan backing the property when Toll Brothers announced it did not plan to renew its lease on the building.
As a result, it was foreclosed on and returned to C-III Capital Partners, which is now selling it.
The building is set on 18 acres and provides prospective buyers with several options, according to Robert Fahey, a broker with CBRE. The property could either be a redevelopment or new development opportunity.
“What it’s going to be is the big unknown,” said Fahey. “It can continue to live as a big office building or it could be partially torn down and built with apartments, senior housing, or retail.”
Toll Brothers is moving its headquarters to Fort Washington, where it has signed a long-term lease on a 163,000-square-foot building and will transfer its 900 employees there.
Read more about the sale at the Philadelphia Business Journal by clicking here.