Hill International’s move to Philadelphia hinges on lease terms
12/16/2013 | Real Estate Blog
Philadelphia could find itself as the new home to a construction consulting company with business that extends into multiple states and even countries. This company employs 4,000 individuals and has approximately 100 offices across the world. The company is Hill International.
Currently, the business is headquartered in Marlton, New Jersey, under a lease with Liberty Property Trust. That lease is set to expire in April 2015, and according to the company’s President and Chief Operating Officer David Richter, he sees the definite benefit of moving downtown.
The move is somewhat dependant on what new terms are proposed by the company’s current landlord for a possible future lease at the right price. However, the company did confirm that if the lease terms are not adequate for the business needs, it wouldn’t be looking for space elsewhere in South Jersey.
If the company decides to cross over into Philadelphia, it would mean finding a space that would be equipped to handle 200 people minimum. That is just a start, however. The company is looking for a space that measures at least 60,000 to 70,000 square feet. Where? No specific location has been chosen at this point.
A move from one city or state to another can be beneficial for both a company and the city it lands in, but there is no doubt that moving and negotiating a deal involving commercial space for hundreds of people takes finesse. Even a single overlooked detail can cause delays or destruction in a commercial real estate transaction, costing a company more than it may have planned for.
Source: philly.com, “N.J. company seeks Philly headquarters (Updates),” Joseph N. DiStefano, Nov. 20, 2013