Toll Brothers signs lease for new HQ of­fice space

Com­pany will re­lo­cate to Up­per Dublin in the fall

The Times Herald (Norristown, PA) - - BUSINESS - By Donna Rovins [email protected]­tu­ry­media.com @Mer­cBiz on Twit­ter

UP­PER DUBLIN >> Toll Brothers has found a lo­ca­tion for its new cor­po­rate head­quar­ters. The lux­ury home builder will soon oc­cupy 163,000 square feet in an of­fice build­ing at 1140 Vir­ginia Drive in Up­per Dublin.

CBRE Group has an­nounced that it has ar­ranged the long-term lease for Toll Brothers — a trans­ac­tion it de­scribes as “one of the largest of­fice deals of 2018.”

Toll Brothers be­gan look­ing for new space be­cause the lease on its cur­rent head­quar­ters build­ing in Hor­sham was up for re­newal, ac­cord­ing to the com­pany.

Ac­cord­ing to Dou­glas C. Year­ley Jr., chair­man and CEO of Toll Brothers, the com­pany was look­ing for a site that would, “en­er­gize our or­ga­ni­za­tion and set us up for fu­ture growth.”

“We were also look­ing for a site that is close enough to our cur­rent lo­ca­tion to be con­ve­nient for em­ploy­ees, while still be­fit­ting a For­tune 500 com­pany like Toll Brothers,” he said in a press re­lease.

The trans­ac­tion was fi­nal­ized in De­cem­ber 2018 — a process that took about two years to com­plete, ac­cord­ing to a spokes­woman for CBRE.

“Toll Brothers con­ducted a thor­ough site se­lec­tion process and 1140 Vir­ginia Drive was iden­ti­fied as the ideal site for the re­lo­ca­tion of its head­quar­ters due to the unique struc­tural el­e­ments of the build­ing as well as the amenity base it will pro­vide to its em­ploy­ees,” Scott Miller, CBRE ex­ec­u­tive vice pres­i­dent, said in the re­lease.

The build­ing’s land­lord, Som­er­set Prop­er­ties, spent more than $10 mil­lion re­de­vel­op­ing the prop­erty, which in­cluded the con­ver­sion of for­mer ware­house space to loft of­fice space. Ad­di­tional im

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SUB­MIT­TED PHOTO

Toll Brothers will re­lo­cate its head­quar­ters to 1140 Vir­ginia Drive in Up­per Dublin in the fall. The lux­ury home builder will be leas­ing 163,000 square feet of of­fice space. This photo shows the build­ing, which is un­der­go­ing ren­o­va­tions.

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