Subaru Breaks Ground on Camden HQ

Subaru of America, Inc. broke ground this week on an all-new $118 million corporate headquarters in Camden, NJ, adjacent to Campbell Soup Company's world headquarters. The Subaru of America campus will be the first new corporate headquarters in Knights Crossing, a master plan urban town center community, being developed by Brandywine Realty Trust. The new facility, at 250,000 square feet, plus an additional building at 83,000 square feet will be more than double the size of its current headquarters building and will bring employees from four sites onto one campus; Subaru expects the development to be complete in 2017.

"We are delighted to contribute to the revitalization of Camden and look forward to Knights Crossing becoming a significant catalyst to the renaissance taking place in Camden," said Gerard Sweeney, president and chief executive officer of Brandywine Realty Trust. "We're especially honored to be developing this state-of-the-art campus for such a well-renowned and admired company as Subaru of America. Subaru's decision, coupled with the long-standing commitment by Campbell, provides an excellent platform for further economic development and job creation in the city of Camden."

Thomas Doll, president and chief operating officer of Subaru of America, added: "We are very excited to be moving this project forward as we seek to bring our family of employees together on one site. This signing cements the long-term future of Subaru in the Delaware Valley and we are pleased that, after almost 50 years here, we can plan to continue to be a part of the local community we have supported for so long."

"Today not only signifies a long-term commitment by Subaru to the region, but now to our city and, yes, to our residents," Camden Mayor Dana Redd said at the groundbreaking ceremony. "To say this is an incredible investment to our city and region is an understatement." Subaru announced the move a year ago, after the state Economic Development Authority awarded the company $118 million in tax incentives under the Economic Opportunity Act to move from its Cherry Hill location, about four miles away. The credits, spread over 10 years, are conditional on Subaru creating or saving at least 250 jobs in the city and remaining in Camden for at least 15 years. Video of the groundbreaking ceremony can be seen here. For more news and information visit Blumberg Partners.

Campbell Picks BRT for Gateway District Development

Campbell Soup Co. announced this week that it had selected Brandywine Realty Trust, the PA-based REIT, as the developer of the mixed use development for Camden's Gateway District. The designation follows the approval of the Camden Redevelopment Agency, which gave the greenlight to develop the new complex on 13 acres located off Newton Avenue between Admiral Wilson Boulevard and 11th Street in Camden, NJ. Under the terms of the agreement, Brandywine will acquire several properties that Campbell has acquired and prepared them for redevelopment. Full terms of the deal were not disclosed.

"Brandywine is a perfect fit for this project. Brandywine has consistently demonstrated a clear focus on high-quality, well-designed urban development and their experience will be an important catalyst to establishing the Gateway District as a sought after business center," said Richard Landers, Campbell's Vice President of Tax and Real Estate. at Campbell Soup Co. in a statement. "Today marks an important step in the revitalization of Camden's Gateway District that will help create jobs and spur economic growth."

"We are honored to have been chosen by Campbell as the developer for the Gateway District Development," added Gerard Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. "The Gateway District Development, adjacent to the internationally renowned Campbell Soup Company, will be an important component in revitalizing the city of Camden and the opportunity is consistent with Brandywine's philosophy of developing multi-modal, office and mixed-use, town center developments of consequence. "

For more news and information visit Blumberg Capital Partners.