Vanguard is walking away from 87,600 square feet of office space in Malvern, a move that will send one building’s occupancy from 100 percent to 36 percent, reports Paul Schwedelson for the Philadelphia Business Journal.
The investment giant’s lease at 45 Liberty Blvd. in the Great Valley Corporate Center expires at the end of June, and Vanguard informed landlord FLD Group that it won’t be renewing.
The vacancy is expected to become available on July 1. It stands to be one of the largest single office departures in the local market this year.
“Vanguard continuously evaluates the effective use of workspace in our leased and owned properties,” said company spokesperson Katie Craven. “As part of this effort, we are exiting our leased space at 45 Liberty Blvd. to optimize our existing footprint.”
However, Microsoft, the building’s second-largest tenant at 42,600 square feet, is reportedly in talks to renew its lease.
Still, the scale of the vacancy puts pressure on a market already navigating changing workplace trends when it comes to in-office attendance. How quickly FLD Group can find a replacement will be a sign of demand for the Great Valley office corridor.
The firm remains at its Malvern West headquarters and continues to maintain a presence throughout Chester County.
For more details on Vanguard’s lease decision and what the move could mean for the Great Valley office market, head to the Philadelphia Business Journal.
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