Philips is interviewing brokers as it prepares to launch a search to potentially move its Alpharetta office.
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Philips — which once held the naming rights to what is now State Farm Arena — is considering a request for proposals package that could hit Atlanta landlords' inboxes in the coming months.
“We are in the early stages of exploration, we have not yet selected a broker and are still in the process of assessing our square footage needs,” Philips spokesperson Avi Dines wrote in an email to Bisnow. “Philips currently occupies two facilities in the Alpharetta area with leases expiring later next year. We have hundreds of employees across the state of Georgia and are still in the process of determining the specific amount of space required for our people in the Atlanta area.”
Dines did not specify which two facilities Philips occupies. But according to CoStar, the group leases 86K SF for its consumer electronics division at One Deerfield Centre, a 530K SF mid-rise office building off Morris Road in Alpharetta. Philips' healthcare division also leases a separate, 7K SF block in the same building.
Philips has come a long way from the time its name was among the most high-profile corporate monikers dotting the Atlanta skyline. Aside from once holding the name for the Atlanta Hawks' home court, it also had its logo planted atop 64 Perimeter Center East, an office tower in Dunwoody that looked directly over Interstate 285.
In 2010, after a corporate restructuring, the company left Central Perimeter for Alpharetta, operating what was reported to largely be a call center at Deerfield Centre. In previous years, the company cut a number of jobs in Atlanta and moved the headquarters of its electronics division to Connecticut, The Atlanta Journal-Constitution previously reported.
Today, Philips focuses heavily on medical equipment and devices, especially those geared toward consumers. Philips reported profits of more than $180M during the first quarter, compared to $138M during the same period last year, according to recent filings with the Securities and Exchange Commission.
While the firm saw sales increase among a number of medical devices, the strongest growth was with its Sonicare Toothbrush appliances, which saw double-digit sales growth, the company reported.
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