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Burlington to move HQ to Philadelphia, buy 3151 Market St for $240M

The move includes a 2000-worker shift to University City and $370M in neighborhood investment over five years, supported by a $7M forgivable loan and a job creation tax credit.

Reported · Written up by our desk · Industry

Burlington, the discount clothing retailer, is relocating its corporate headquarters from Burlington, New Jersey to a 441,000 square foot office building at 3151 Market St in Philadelphia’s University City, the company announced Thursday.

Burlington is buying the property from Brandywine Realty Trust for $240M, or about $544 per square foot, with the building part of the Schuylkill Yards development. The governor’s office said the relocation is expected to bring 2,000 workers and $370M of investment to the neighborhood over the next five years.

Philadelphia will support the move with a $7M forgivable loan and a job creation tax credit, and SEPTA and the Philadelphia Parking Authority will offer commuter discounts for workers at the new headquarters.

Brandywine said the building was completed last year and was 4% leased when Burlington and Brandywine finalized the transaction Monday, according to an SEC filing. The deal is expected to close by the end of September, and Brandywine expects to net $168M from the sale, using proceeds to pay off a $57.3M loan.

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