Axalta Coating Systems Inc. will bring an estimated $70 million global research-and-development facility to the Philadelphia Navy Yard and relocate 190 jobs to the site with the expectation it could double the number of its employees at the South Philly campus over the next five to seven years.
The Philadelphia-based maker of liquid and powder coatings signed a 20-year lease with Liberty Property Trust (NYSE:LPT) on what will be a two-story building totaling 175,000 square feet. It will serve as Axalta's “Global Innovation Center.”
Liberty expects to complete construction by late 2017 and the facility should be fully operational by 2018. Axalta (NYSE: AXTA) has the ability to extend its lease, as well as an option to expand the structure by one level if growth warrants it. Erdy McHenry Architecture designed the building.
The facility will house Axalta’s global research, product development and technology operations.
Find out more about the new facility on PBJ.com.
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