Corporate takeovers and the smartphone-tablet-PC-based work-at-home movement explains why nobody's building suburban offices anymore. Three Philly-area examples:
- Capmark Financial Group has hired the Philadelphia-based Binswanger real estate brokerage to sell four buildings at Prudential Financial's longtime office campus in Horsham, near the PA 611 exit on the Pennsyvlania Turnpike. The buildings at 508 Prudential Road and at 116, 118 and 120 Welsh Road, which date to 1984,are single-story, stand-alone structures, totalling 128,700 sq ft, on 10.6 acres. All for sale.
Why does't Pru need the space? Upper Dublin Township last year still listed Prudential's local employment at 6,500, according to a bond prospectus reviewed by my colleague Michael Armstrong. But when Mike called to check, the company told him its current employment in the entire Philadelphia-Wilmington region is now closer to 3,300.
- Virginia-based Capital One Corp. is vacating the six-story onetime Pennsylvania Railroad office building next to Wilmington's Frank Furness-designed Amtrak/Septa train station. Capital One took over the 47,000 sq ft building and at least three other downtown office centers housing around 1,000 workers total when it bought ING Direct Bank last year, but the giant bank is consolidating operations with HSBC's former credit card shop, and no longer needs the room.