Content area
Full text
WAYNE - In a deal consummated in the final days of 2001, SunGard will relocate its corporate headquarters into 102,500 square feet that will be vacated by mutual fund giant Vanguard Group.
The deal at 680 E. Swedesford Road represents one of the biggest suburban office leases signed last year.
Moreover, the deal also helped take a bite out the growing pool of available space in a market where some estimates put vacancy rates as high as a staggering 30 percent.
SunGard, a fast-growing data recovery firm, had been in the market for the last year, searching for new and bigger quarters near its current location 1285 Drummers Lane in the Glenhardie office complex. The company currently houses its operations in 65,000 square feet.
The company and about 450 of its employees will move into the Liberty Property Trust-owned building in the summer of 2003, said Ward Fitzgerald, senior vice president with Liberty. Smith Mack/Oncor represented SunGard in the lease. The company signed a seven-year lease.
The Swedesford Road site only became available in the fall after Vanguard Group gave Liberty notice to terminate its lease there as well as its lease on another 100,000 square feet at nearby 650 E. Swedesford. The mutual fund company had occupied the two buildings...