GlaxoSmithKline downsizes and relocates from the Navy Yard to University City

The Greater Philadelphia region recorded 1.9 million square feet (msf) of quarterly leasing activity — the highest recorded amount since the first quarter of 2020. Submarkets reporting the largest number of transactions included Media/Newtown Square (300,974 square feet (sf)), PA Turnpike/Rt. 202 (243,993 sf) and West Market (232,311 sf). In a sign that remote/hybrid work might become a more permanent trend, pharmaceutical giant GlaxoSmithKline announced that it was relocating and downsizing from its 207,000-sf headquarters at the Navy Yard to 46,000 sf at FMC Tower in University City. The firm plans to sublet its existing space. Other notable transactions executed during the quarter included Vanguard’s new lease of 233,000 sf at 3801 West Chester Pike in Media/Newtown Square, Sunoco’s lease of 52,972 sf at 3805 West Chester Pike in Media/Newtown Square and the Children’s Hospital of Philadelphia’s relocation to 54,662 sf at Cira Centre North in University City.

Read the full report