PHILADELPHIA, PA—Macquarie Investment Management, the Australia-based global asset management firm best-known for its Delaware Funds family of mutual funds, is relocating its Philadelphia headquarters to 100 Independence Mall West in 2020.
Macquarie has entered into a lease agreement with Keystone Property Group to occupy 145,000 square feet of space in the historic building. Australia-based Macquarie plans to redevelop the space, just steps from the Liberty Bell, National Constitution Center, and Independence Hall, where the Declaration of Independence was signed.
“Our US mutual fund business has been in Philadelphia since 1929, and we are proud to say the city is the global headquarters for our investment management business,” says Shawn Lytle, deputy global head of Macquarie Investment Management and president of Delaware Funds by Macquarie. “With this move, we look forward to reimagining this iconic space to combine the best of old and new, maintaining its historical significance while modernizing it to reflect our company culture and our position as a destination employer in the Delaware Valley.”
“We are pleased to welcome Macquarie as our newest tenant at 100 Independence Mall West,” said Keystone president and COO Richard Gottlieb. “When we set out to transform this historic property into a mixed-use commercial destination, we imagined filling it with companies that would appreciate the rich sense of history, creativity, and vibrancy present in this building and the surrounding area. The addition of Macquarie Investment Management’s global headquarters represents a critical step toward the full realization of that vision, as well as a testament to the enduring appeal of not just this building, but all of Center City Philadelphia.”
Independence Mall West, built in 1965 and designed by world renowned architect Pietro Belluschi and formerly known as the Rohm & Haas Building, is listed on the National Register of Historic Places.
Mitch Marcus, Tom Weitzel and Ashley Parrillo of Jones Lang LaSalle represented Keystone Property Group in the transaction. Macquarie was represented by Glenn Blumenfeld and Scott Crumley of Tactix.
Keystone acquired the nine-story, approximately 400,000-square-foot class A office building in 2013. As part of its $25 million reinvestment strategy, it has transformed the building’s formerly empty ground floor and lower level by creating a dynamic indoor-outdoor experience for pedestrians with Independence Beer Garden and the La Colombe coffee café. Keystone also has installed a 110-space public parking facility in the former basement of the building, which was co-developed and is managed by Keystone’s partner in the building, Parkway Corporation.
100 Independence Mall West provides easy access to the city’s premier shopping and dining destinations, as well as a host of arts, cultural, and historic sites. The property is a short walk from local SEPTA train and bus routes and a short drive from area highways including Interstates 95 and 676.
Keystone’s strategy is part of a broader, multi-faceted plan to revitalize Philadelphia’s Center City and Independence Mall area—an emerging hub of culture, entertainment, dining, and business. It also owns and manages The Curtis, the publishing landmark that has been transformed into a mixed-use destination featuring luxury residential, office, and retail space, in addition to popular restaurants such as PJ Clarke’s and The Cooperage.
Keystone is also repositioning One Washington Square, the former home of life insurance company Penn Mutual, adding to Center City’s increasingly dynamic pedestrian experience.