PIDC Reports the Highest Single Year’s Growth at The Navy Yard in 2013, Building Momentum for 2014

by Navy Yard
January 29, 2014

Categories: Development Updates,

More new businesses and amenities were added to The Navy Yard in 2013 than in any prior year

PIDC, Philadelphia’s citywide economic development corporation, announced that The Navy Yard added 22 new companies in 2013, making it the highest single year’s growth since the conversion from a closed naval base to a mixed-use business campus. The rise brings the total number working at The Navy Yard to more than 11,000 employees and 143 companies.

“The Navy Yard has emerged as one of the region’s most vibrant and progressive business campuses that provides a vital economic engine for Philadelphia,” said Mayor Michael A. Nutter. “It continues to serve as one of the most important gateways for entrepreneurship and employment in our city, and has spurred sustainable development projects through its growth and expansion.”

The campus formally reached the 10,000-employee mark nearly a year ago when GlaxoSmithKline transitioned into their new, 208,000-square-foot, double LEED® Platinum office building in The Navy Yard’s Corporate Center, developed by Liberty Property Trust and Synterra Partners. In addition to serving as a major hub for corporate headquarters, The Navy Yard continues to be an attractive location for small businesses, offering a range of spaces that can readily accommodate companies’ growth and expansion needs, such as medical device development company ZSX Medical’s relocation from the suburbs to a small suite in a multi-tenant office building, and regional window installer Graboyes Commercial Window Company’s relocation to office and flex space in the Liberty Property Trust/Synterra Partners-developed Commerce Center.

The Navy Yard

“To see such positive growth at The Navy Yard within the past year is very encouraging as we continue to market the campus to attract additional global corporate headquarters and entrepreneurial businesses and start-ups,” said John Grady, President of PIDC. “This is a great way to kick off 2014 as we prepare for new opportunities, especially adding amenities for employees and visitors to enjoy, making The Navy Yard a true dynamic, mixed-use campus.”

In the past year, The Navy Yard has added numerous amenity-based businesses, including Flat Rock Health, The Galley Cafe, Independence Imaging, Jefferson Comprehensive Concussion Center, Matarazzo & Milici Dental Group, Nava Yoga Center, Vincera Rehab, and most recently, the Courtyard by Marriott, the first hotel at The Navy Yard. The hotel includes 172 rooms, conference/event space, and a restaurant, bar, and coffee shop. In addition to these new businesses, The Navy Yard completed its fifth park, League Island Park, expanded on its successful and rapidly growing shuttle program, and extended the popular Lunch Truck Lineup program.

Today, The Navy Yard is a thriving 1,200 acre business campus with 143 companies occupying more than 6.5 million square feet of office, industrial/manufacturing, and research and development space. It has reemerged as one of the region’s most important centers of employment as it attracts new businesses and investment to Philadelphia. Since 2000, when the Philadelphia Authority for Industrial Development acquired 1,000 acres on behalf of the City of Philadelphia, more than $130 million in publicly funded infrastructure improvements has leveraged in excess of $700 million in new private investment.

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About PIDC

PIDC is Philadelphia’s economic development corporation. Founded in 1958 as a non-profit, public-private partnership between the City of Philadelphia and the Greater Philadelphia Chamber of Commerce, PIDC plans and implements financing and real estate transactions throughout all neighborhoods that attract investments and jobs to Philadelphia. In its master developer role at The Navy Yard, PIDC manages all aspects of the property’s management and development, including master planning, leasing, property management, infrastructure development, utility operation, and structuring development transactions.

Jennifer Tran
Marketing and Communications Manager
PIDC at The Navy Yard
(215) 218-2854