PHILADELPHIA, PA--(Marketwire - January 29, 2009) - Binswanger is pleased to have represented VWR International, LLC in the negotiation of its 150,000 sq. ft. build-to-suit corporate headquarters lease at O'Neill Properties Group's Worthington Town Center -- a premier 1.6-million-square-foot, mixed-use community situated at the intersection of Routes 29, 202 and 30 in Malvern, Pa.
The total building will be over 240,000 sq. ft. and is expected to house a major fitness center as well as several restaurants in addition to VWR's headquarters.
"We are very excited about the experience of a town center environment for our employees," said John M. Ballbach, Chairman, President and CEO of VWR. "This was a very intricate process, and Binswanger did a great job in leading us through the negotiations with O'Neill and the discussions with the State. In the end, we got a building and a lease structure that was customized for our needs."
VWR, a global laboratory supply and distribution company, decided to look for new space in anticipation of a 2010 lease expiration at its two-building headquarters in West Chester, Pa.
David R. Binswanger, President and CEO of Binswanger, along with Scott Gabrielsen and Scott Williams, senior vice presidents in the firm's King of Prussia office, orchestrated a thorough year-long search for options on behalf of VWR.
"VWR tasked us with identifying a location and an environment that could attract and retain the best and brightest employees," said Scott Gabrielsen. "The town center concept being delivered by O'Neill is one-of-a-kind and will provide the amenities and uniqueness to achieve the high-level workforce VWR desires."
The attractiveness of the Worthington community, which is being developed at the site of the former Worthington Steel Plant, plus additional incentives being offered by the State of Pennsylvania proved to be the best option for VWR.
"It is a real coup that Pennsylvania was able to keep them here," said David R. Binswanger. "This new corporate headquarters facility, with strong growth expectations, will continue to enhance the 202 corridor. It also means that the Worthington mixed-use project will have a strong and stable office component. When you take into consideration the state of the economy and real estate development, this is fantastic news."
Binswanger will also act as project manager of VWR's 150,000 sq. ft. build-to-suit and anticipates delivery in the third quarter of 2010. VWR will move its entire West Chester operation to the new location in Malvern.
Headquartered in Philadelphia, Pa., Binswanger is an international full-service real estate organization with offices worldwide throughout the U.S.A., Canada, Mexico and South America, the U.K. and Europe, the Middle East and Asia.
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