Multifamily megafirm Morgan Properties has relocated its main office to Conshohocken, Pennsylvania, after 40 years at its home base in King of Prussia about 7 miles away.
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The family-owned company relocated to a two-story, 70K SF office at the Millennium Complex, according to a Wednesday announcement. Morgan Properties purchased the Conshohocken property at 227 Washington St. some six years ago with a vision to eventually make the address its new headquarters.
Since that time, the company has grown its presence and portfolio to become one of the largest multifamily owners in the nation. It owned 93,594 units in 2023, according to the National Multifamily Housing Council, making it the largest private multifamily owner in the U.S.
The move is part of the firm's efforts to accommodate rapid growth. Its former main campus in King of Prussia was about 40K SF, said Jason Morgan, president and head of special situations.
The company has no specific hiring needs right now, he said, but the move sets it up for the future.
“We are all under one location, which is which is great from a collaboration perspective,” Morgan told Bisnow. “Previously we were spread out across a couple locations within King of Prussia, so now we are consolidating our Pennsylvania headquarters in one.”
In a release, Morgan Properties CEO Mitchell Morgan called the move “a testament to Morgan Properties’ evolution from humble beginnings to an established, best-in-class multifamily owner and operator.”
Founded in 1985, the former headquarters in King of Prussia sat next to the firm's first property, Kingswood Apartments. As of 10 years ago, the company managed fewer than half the units it did last year, about 34,000, according to a press release from that time.
“As we look to the future, this space will inspire our team to continue building on the strong foundation we’ve laid over the past four decades,” Mitchell Morgan said in Wednesday's release.
The firm's new office will be home to 200 of Morgan's 2,500 employees. The site features tech-enabled meeting rooms, a 9,500 SF event space, a dining room, a fitness center and a direct walking path to the Schuylkill River Trail.
