Vanguard has chosen to locate its recently announced Innovation Center at 2300 Chestnut Street in Philadelphia.

The site provides the fast-growing global investment management firm proximity to the city’s robust academic and business communities, the region’s transportation centers, and the firm’s global headquarters in Malvern.

The Innovation Center, which will be focused on developing services to meet the evolving needs of Vanguard’s clients, will occupy nearly 16,000 square feet of open plan office space over two floors. Initially, a team of 20 crew members will occupy the space, but eventually, it is expected that up to 100 crew members and external partners may co-locate as projects require.

The new office space is expected to open during the second quarter of 2017.

“We are pleased to set up shop in Philadelphia, and give the Vanguard Innovation Center the benefits and resources of the region’s thriving entrepreneurial scene,” said Vanguard CEO Bill McNabb. “Our new location solidifies our commitment to the city, and we’re grateful to the local support we have received as we establish this new venture.”

The office of Mayor Jim Kenney helped to facilitate Vanguard’s Philadelphia initiative and search. Commerce Director Harold Epps and PIDC President John Grady also provided support.

Vanguard has already begun collaborating with the likes of Drexel University, the University of Pennsylvania, and corporate innovation centers, consultants, and experts within Philadelphia’s innovation ecosystem.