The Vanguard Group last week purchased a large office building on 25 acres in Malvern, Pennsylvania, a short drive from the company's headquarters, and could eventually locate nearly 1,700 employees there.
"The five-story, 300,000 square foot building was built in 2012, and in the future, will allow space for close to 1,700 of our crew," a spokeswoman said in a statement emailed to ThinkAdvisor on Monday.
The giant asset manager has been subleasing space in the property for nearly five years and already has about 300 staff members working there. Vanguard didn't specify the purchase price.
The deal from Equus Capital Partners Ltd. closed last week and hadn't been reported in county records as of mid-week, according to the Philadelphia Business Journal, which reported last week that Equus paid $70 million for the property in 2018.
(Photo of 1400 Atwater Drive courtesy of Equus Capital Partners)
"Vanguard has deep roots in the greater Philadelphia region," and continues "to make investments in our infrastructure throughout the region to support our growing crew-base and clients," the company's statement said.
