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Friday, May 1, 2009

Dow may sell Rohm and Haas HQ

Dow Chemical Co., new owner of Philadelphia's Rohm and Haas, is shopping the smaller company's 350,000-square-foot, nine-story headquarters at Sixth and Market Sts. It's the second time since 2006 the property has been considered for sale. Last time Rohm decided to renovate the boxy 1960s-era, International-style landmark and stay put. This time, the company is weighing a sale and partial lease-back, given the likelihood of significant cuts to its 1,000-member workforce.

"When you integrate two companies with overlapping functions, there's going to be a reduction," said Rohm spokesman Brian McPeak. "I couldn't say if it's a third, a half, or anything. That's a couple months away." Real estate sources say CB Richard Ellis is shopping the property; McPeak wouldn't confirm that.  
Posted by Joseph N. DiStefano @ 3:39 PM  Permalink | 7 comments
Comments   
  • 0 like this / 0 don't   •   Posted 8:00 PM, 05/01/2009
    heard the federal government wants to buy it for a criminal justice expansion
    — BHite15
  • 0 like this / 0 don't   •   Posted 8:47 PM, 05/01/2009
    This is a really good site. I learn things I don't see anywhere else. A little bit of WSJ right at the Inquirer!
    — John Scanlon
  • 0 like this / 0 don't   •   Posted 8:50 PM, 05/01/2009
    They have to find someplace biggest enough to fit fumo's head.
    — Earl J
  • 0 like this / 0 don't   •   Posted 9:15 PM, 05/01/2009
    No business would ever come to Philadelphia so........make it the new Parking Authority. More government, less freedom.
    — Kaiser Sosa
  • 0 like this / 0 don't   •   Posted 10:43 PM, 05/01/2009
    Last time Rohm decided to renovate the boxy 1960s-era, International-style landmark and stay put. Hobbies
    — Jssicaron
  • 0 like this / 0 don't   •   Posted 10:57 PM, 05/01/2009
    Rohm & Haas is a substantial loss for Philadelphia. I was hoping Dow would consolidate the Northeast region there, but Philadelphia's business climate would not make that a good decision. Hopefully Nutter finds a way to push BPT and wage tax reform to get businesses and real jobs (not $10/hour casino attendants) blooming in the city again.
    — mktstrfinancial
  • 0 like this / 0 don't   •   Posted 3:36 AM, 05/02/2009
    Last time Rohm decided to renovate the boxy 1960s-era, International-style landmark and stay put. Entertainment
    — Cheryzepp


7 comments
About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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