Crown Holdings Under Agreement To Sell HQ, Mulling Move Out Of Philadelphia
Crown Holdings Co. has an agreement to sell its headquarters, and may be leaving Philadelphia after 60 years based in the city.
The 238K SF building at One Crown Way, off Roosevelt Boulevard in Northeast Philadelphia, was constructed for the company in 1996 with the anticipation that the multinational canning, bottling and packaging operation would grow to 500 employees in the space. Having never expanded beyond 265 employees, the Fortune 400 company has been looking to sell its building on and off for years, the Philadelphia Business Journal reports.
The office complex sits on 40 acres, and has 550 parking spots, a fitness center, an ornamental pond and a half-mile walking trail. The undisclosed new owner could turn the facility into a multi-tenant building, according to the PBJ. As Crown looks for a permanent new HQ, it will likely continue to lease some space in its old home.
Crown is reportedly eyeing 60K to 80K SF for its new offices, with only a slim chance of remaining in Philadelphia. Its downsizing is part of a larger trend of corporations favoring smaller, more flexible locations over sprawling offices. Philadelphia's senior deputy commerce director, Duane Bumb, expressed a desire to work with Crown to find a space within the city to accommodate the company's changing needs.