Major Philly-area tenant Vanguard exits 88K sf office

Vanguard is exiting an 88,000-square-foot office at FLD Group's 45 Liberty Boulevard in Malvern, Pennsylvania, a move that leaves a sizable vacancy in the Philadelphia-area market. The departure leaves the building 64% occupied, with FLD negotiating to backfill about 65,000 square feet and Microsoft discussing an early renewal for a 43,000-square-foot lease due February 2028. FLD purchased the renovated property from Equus Capital Partners in December 2021 for $36.3 million. Vanguard maintains additional holdings in Malvern, including its global headquarters at 100 Vanguard Boulevard and 225,000 square feet in Frazer, plus 16,000 in Center City.