Malvern-based Vanguard Group has expanded its office space in the Philadelphia area with the purchase of a nine-year-old high-end office complex close to its headquarters, write Jake Blumgart and Joseph N. DiStefano for The Philadelphia Inquirer.
Despite the acquisition, Vanguard reaffirmed its commitment to a “hybrid working model.”
The investment giant leased about a sixth of the nearly 300,000-square-foot office complex from Equus Capital Partners in 2018.
The two buildings were constructed for Endo International, which has a lease that expires at the end of 2024. The company plans to stay at the property for the duration of its lease. Endo will also manage the entire facility until the end of 2024.
Endo currently has 300 employees based out of the Malvern office complex and is looking for new office space in the area. However, Endo is looking for a smaller footprint, as the pharmaceutical company has adopted an option for a fully remote model.
“Our building needs have changed, and we are evaluating our office space requirements to best meet our evolving ways of working,” said Linda Huss, corporate affairs director for Endo.
Read more about the deal in The Philadelphia Inquirer.
