Burlington Purchased Philadelphia Office Building for $240 Million
The retailer has moved its headquarters to a 441,000 square foot facility in University City.
Updated on Oct. 2, 2026 in Commercial
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Burlington recently acquired an office property at 3151 Market Street for $240 million, relocating its headquarters from South Jersey to Philadelphia. The move into the 441,000 square foot building, which was completed in 2025, follows a period of vacancy for the site.
Why it matters
The relocation significantly impacts local office availability in University City, which dropped to 19.5% during the third quarter. This deal highlights a shift in the regional commercial real estate market as companies consolidate footprints while others pivot toward residential conversions.
Burlington purchased the 3151 Market Street building for $240 million, securing 441,000 square feet of office space. University City office availability reached 19.5% in the third quarter.
The players
Burlington
Burlington is a national off-price department store retailer that recently established its new corporate headquarters in Philadelphia.
Hanwha
Hanwha is a diversified global business conglomerate that recently secured a 64,400 square foot lease at the Navy Yard.
Vanguard
Vanguard is a major investment management firm that finalized a sale-leaseback agreement for a 322,700 square foot property in Wayne.
Sal Paone Builder
Sal Paone Builder is a construction and development company currently working on the residential conversion of the Plymouth Ridge Corporate Center.
The details
Burlington moved its headquarters to the University City property, which had remained vacant for more than one year after being completed as lab space. Meanwhile, other regional office hubs saw mixed results, with the Navy Yard experiencing a 20.7% vacancy rate and the suburban market recording a 187,000 square foot net absorption loss.
Timeline
The office building at 3151 Market Street was completed in 2025.
University City office availability was 22.3% during Q2 2026.
University City office availability fell to 19.5% in Q3 2026.
Roadmap
This deal underscores a broader push for commercial real estate efficiency in the region as companies move into modern spaces. The project mirrors the trend of residential conversions replacing underutilized suburban office centers to maximize land value.
Residents in University City may see increased daytime activity as the new headquarters brings corporate staff to the area. Meanwhile, suburban homeowners might notice new housing projects replacing aging office parks, which could alter traffic and density patterns in those neighborhoods.
The takeaway
Large-scale corporate relocations are actively reshaping Philadelphia's commercial vacancy rates. Readers should observe how these shifts in office utilization continue to drive both urban headquarters consolidation and suburban residential redevelopment.
Further reading
For more information on the regional office sector, visit the Philadelphia Commercial section.
Source note: This article includes information reported by Bisnow.
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