Crown Holdings sells NE Philly HQ for $9M, with plans to leave city
The publicly listed packaging company is seeking a new headquarters location in the Pennsylvania suburbs or outside the state.
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Crown Holdings Inc. has sold its 238,000-square-foot Northeast Philadelphia headquarters building for $9 million to Lawrenceville, N.J.-based Simone Realty, with plans to remain on the property on a short-term lease while it looks for a new location outside the city.
Simone Realty Inc. president John Simone said in an interview Thursday that the company formerly known as Crown Cork & Seal has an 18-month lease with renewal options for its space at the One Crown Way building on 40 acres of land near Roosevelt Boulevard and Woodhaven Road.
The publicly listed packaging company is seeking a new headquarters location in the Pennsylvania suburbs or outside the state, real estate services firm CBRE Group, whose brokers negotiated the deal, said in a release on Thursday.
A message left with Crown Cork spokesman Thomas T. Fischer was not immediately returned.
Simone said that redevelopment options were being considered for the building and its surrounding property.
The property's sale closed on April 18, according to records filed with the city.