One of South Jersey’s most iconic office properties has hit the market again as TD Bank consolidates its workers into a different space one town over.
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The 68,500 SF, five-story building overlooking the New Jersey Turnpike at 1701 Route 70 E. in Cherry Hill is up for sale, according to a listing from CBRE.
It is one of the tallest buildings in the township, which would make it a strong fit for an office or medical user looking to brand its location, according to the marketing materials.
The 4-acre site also has highway business zoning, which means retail could be developed there.
The building, constructed in 1986, has a distinctive “wedding cake” design where each floor is slightly smaller than the one below it.
TD sold the building for $1.7M in September 2024 and then signed a short-term lease to give employees time to move out, the Courier Post reported.
Those workers are being shifted to the Horizon Corporate Center about 3 miles away in Mount Laurel, where the bank has several offices. The exit should be complete sometime next month.
“We're bringing our local colleagues closer together for a connected campus experience and creating more opportunities for colleagues to interact with senior leaders at the bank,” a TD spokesperson told the Courier Post.
The property hits the market in a tricky environment where office sales are limited, though some parts of the Philadelphia metro are seeing trades pick up, especially when significant discounts are to be had.
Moorestown Corporate Center sold out of special servicing in the second quarter, showing there is opportunistic interest in South Jersey office.
Vacancy in the submarket has been steadily rising, according to data from Colliers. The metric rose 10 basis points quarter-over-quarter and 2% year-over-year to 16% in Q2.
Some space came off the market this summer when the nine-story One Cherry Hill office tower overlooking Route 38 was demolished. The space at the Cherry Hill Mall will be replaced by a 120K SF Dick’s House of Sport location.
The South Jersey vacancy rate is below the regionwide threshold of 19.5%, but Colliers found that office vacancy across greater Philadelphia fell by 10 bps quarter-over-quarter.
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