Savills Studley is pleased to announce its client, Penn Capital Management Company, Inc. (PENN CAPITAL), has signed a long-term lease and will relocate its company headquarters to 1200 Intrepid Avenue in the Philadelphia Navy Yard Corporate Center.
PENN CAPITAL assessed its current 17,000 square feet space at 3 Crescent Drive in The Navy Yard Corporate Center and determined the space was not ideal for the Firm’s future growth plans. Accordingly, PENN CAPITAL engaged Savills Studley to find a suitable solution for their expanding needs. The Navy Yard’s unique urban environment, parking, proximity to Philadelphia International Airport and Amtrak’s 30th Street Station, and easy access to regional freeways and public transit were unmatched during PENN CAPITAL’s relocation assessment.
The 1200 Intrepid Avenue location is a LEED-Certified Gold building currently being built by Liberty Property Trust for a Spring 2016 delivery. Liberty is also currently constructing an upscale boutique hotel adjacent to 1200 Intrepid Avenue adding yet another amenity to the location. The architectural design by Bjarke Ingels Group of Copenhagen brings world class architecture to Philadelphia’s Navy Yard. PENN CAPITAL’s new headquarters will be expanded to 26,000 square feet and located on the top floor.
“The use of technology, including maintaining a state-of-the-art 24/7/365 infrastructure is a fundamental component of PENN CAPITAL’s business planning process,” said Marty Keane, chief technology officer. “The new building provides an excellent opportunity to make significant investments in the technology that supports our business, and enhances PENN CAPITAL’s role as an industry leader in the use of technology.”
Richard A. Hocker, PENN CAPITAL’s founder, chief executive officer and chief investment officer indicated the move to the new building reflects PENN CAPITAL’s commitment to investing in its business both for the benefit of its clients and as an opportunity to attract and retain top investment professionals. Mr. Hocker expressed his excitement for PENN CAPITAL’s “continuing partnership with the City of Philadelphia and the area trade unions in this redevelopment project“.
“PENN CAPITAL was very thorough in the firm’s review of the marketplace,” said Jay Joyce, managing director of Savills Studley, “We looked at Center City and Southern New Jersey for potential new locations.” “It’s fun and interesting to represent a client that is truly interested in only top quality solutions,” said Tim Monahan, senior managing director of Savills Studley. “The buildings, the architects, the furniture, the vendors and technology involved in this project are the best available in our regional marketplace, and it’s always a learning experience to watch each category’s best and brightest perform”.