Seven years after first dropping anchor at the Philadelphia Navy Yard, Jefferson Health has plans to establish a much larger presence at the bustling business campus.
The Philadelphia-based health system has signed a multi-year lease agreement for an additional 70,000 square foot space at 3 Crescent Drive.
The building was initially erected to serve primarily as Tasty Baking Co.'s corporate headquarters. Then after the Tastykakes maker was sold to Flower Foods of Georgia in 2011, those offices became homes for the Philadelphia 76ers front office and sales and marketing staffs. The Sixers are leaving the space for their new training facility and team headquarters in Camden.
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Now, Jefferson Health which signed an expanded lease deal with project developer Liberty Property/Synterra, a joint venture of Liberty Property Trust (NYSE:LPT) and Synterra Partners — will become the building's major tenant. Financial terms of the deal were not immediately available. Jefferson plans to be in the new space by early- to mid-2018.