A South Jersey-based banking giant’s postpandemic rightsizing plan includes shrinking the footprint of its headquarters by 30%.
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Beginning next month, TD Bank will move 1,300 employees in the region to new desks in a consolidated office portfolio. The process is expected to wrap up before the end of the year.
“Our space had not been adjusted since Covid and this is that adjustment,” Scott Hite, the leader of TD’s real estate team, told the Philadelphia Business Journal.
“This is a physical space change only,” a TD spokesperson told Bisnow in a statement. “Given the largely hybrid working model of our teams and colleagues, we have recognized that we can bring more colleagues together in fewer, more updated spaces.”
The news came after the bank sold five of its South Jersey office buildings in August 2024, the spokesperson confirmed.
Those transactions included 1701 Marlton Pike East and 1006 Astoria Blvd. in Cherry Hill as well as 12000 Horizon Way, 9000 Atrium Way and 11000 Atrium Way in Mount Laurel.
The five properties with a collective 255K SF sold for $11.2M, the PBJ reported. The outlet identified the buyer as Pennsauken-based Universal Group Co., a petroleum distributor, retail operator and real estate developer.
The company will only be leasing back two former spaces, the PBJ reported.
Some workers will begin moving to 6000 Atrium Way next month. That part of the process should be complete by the end of March. The rest of the employees will move to 4140 Church Road in the fall.
The reshuffling comes after TD announced plans for a $25M Philadelphia-centric social impact fund earlier this month.
The bank is teaming up with CEI-Boulos Capital Management to bring affordable housing, new jobs and environmentally sustainable transit-oriented developments to the city and its surrounding counties.
The fund will focus on retail, office, multifamily housing, mixed-use projects and main street revitalization efforts across the region.
“TD Bank is committed to the communities we serve,” TD Senior Vice President Keith Nisbet, the leader of the bank’s community capital group, said in a statement.
“This includes doing our part to create stronger, healthier neighborhoods. We believe that investments in projects that deliver critical affordable housing can also have a ripple effect in supporting job creation and strengthening our communities.”
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