Chicago-based financial institution, Northern Trust, is planning to move its Philadelphia location to Two Commerce Square in Center City, tripling its office space in the process, writes Jeff Blumenthal for the Philadelphia Business Journal.
According to Two Commerce owner Brandywine Realty Trust, Northern Trust will move into Suite 1120 of the office tower on 2001 Market Street in November.
It will lease 4,800 square feet — which is triple the space Northern Trust currently occupies at Offsite coworking space run by Fitler Club — for a 68-month term that will expire in 2031.
Northern Trust is one of the largest financial institutions in the United States, and focuses on wealth management services to those with $10 million or more in investable assets and institutions such as pension funds, foundations, and endowments.
It has about $137 billion in assets, as well as $15.3 trillion in assets under custody/administration and $1.4 trillion in assets under management at the end of 2023.
Formed in Chicago in 1889, it entered the Philadelphia market in October 2019.
Despite not having a physical location in Philly beforehand, Northern Trust said it already had more than 100 clients in the region upon opening.
Read more about Northern Trust’s move in November at the Philadelphia Business Journal.
_____
