Subaru may put confidence in motion at Philadelphia’s Navy Yard
Subaru of America Inc. is looking for a new North American headquarters site, and the real estate buzz is that Philadelphia’s Navy Yard is under consideration. The automaker has been in its current Cherry Hills, New Jersey, building since 1986.
The Navy Yard is in a Keystone Opportunity Zone, though it is unclear if Subaru would qualify for the state and local tax breaks that come with the designation. Other companies have taken advantage of the incentives. GlaxoSmithKline PLC, for example, officially opened its new facility in April 2013, deciding that a new facility and a unique work environment in a development dedicated to sustainability were a good investment.
For its new headquarters, Subaru is looking for 225,000 square feet of space, almost double the size of its Cherry Hills facility. The company’s employees are spread throughout the region, at an operations center (59,000 square feet) in Camden County and a regional office and warehouse in Burlington County. It is unclear if the new site will bring all of these employees together under one LEED-certified roof.
The Navy Yard is not the only site on the company’s list. Like every company looking for large blocks of space, Subaru is likely looking at different economic development packages offered by each municipality or development area. The Philadelphia real estate community is hoping the company will choose all the city has to offer rather than locating the new headquarters near the automaker’s distribution center and training facility (526,060 square feet) currently under construction in Burlington County.
Source: Philadelphia Business Journal, “Subaru looking at Philadelphia’s Navy Yard for possible HQ move,” Natalie Kostelni, May 20, 2013