French construction materials giant Saint-Gobain has renewed and extended its lease at its North American headquarters in Malvern, securing its presence at the property through at least 2042, writes Paul Schwedelson for the Philadelphia Business Journal.
Saint-Gobain, along with its subsidiary CertainTeed Corp., fully occupies the three-building campus spanning 321,226 square feet and located just off Route 202. The new lease is valued at more than $100 million.
Saint-Gobain began occupying the campus in 2015 with a 15-year lease. This recent renewal will keep the company in place through 2042 and provides further extension options, according to Craig Scheuerle of Newmark, who represented the tenant.
A joint venture of London-based 90 North Real Estate Partners and Dubai’s Arzan Wealth owns the property. They bought it from E. Kahn Development, J. Loew & Associates, and an Aegon affiliate for $123 million in 2016 and relisted it in 2020, though it never sold.
The previous owners invested $80 million to fully modernize the 1960s-vintage office complex, connecting two buildings and using many materials that were produced by Saint-Gobain and CertainTeed.
Saint-Gobain North America is Greater Philadelphia’s third-largest manufacturer with around 2,250 local employees.
Read more about Saint-Gobain renewing its lease for its North American headquarters in the Philadelphia Business Journal.
______
