It took just over a week for the new owner of Swedish telecommunications giant Ericsson AB's corporate campus in Marshall to confirm that it has attracted a major tenant to the five-building complex.
Early next year, Downtown-based mutual fund giant Federated Investors Inc. will begin moving 320 employees to office space in two of the buildings in the complex that Keystone Property Group of Bala Cynwyd purchased from Ericsson for $39.7 million last week.
Ericsson remains the largest tenant at the 101-acre complex, with about 180,000 square feet of office space under lease, or about one-third of the 541,000 square feet in the complex. Federated will take over about 96,000 square feet.
The relocation involves two business units, Federated Investor Services, a customer services unit, and its Business Information Systems Division, said spokesman J.T. Tuskan. A small number of human resources personnel also are involved.
The employees will move during January and February from the Pittsburgh Office & Research Park in McCandless, where Federated has been a tenant since 1997.
The move will not affect any employees at the company's Downtown headquarters in the Federated Investors Tower at Liberty Center, Tuskan said. It occupies 240,000 square feet at the 27-story building under a lease that extends to 2014.
"As one of the nation's leading investment management companies, Federated remains committed to keeping its corporate headquarters in downtown Pittsburgh, where we have been since our company was founded in 1955," Tuskan said.
"Our new North Hills location has a footprint that is very conducive to support areas of the company, which in our view operate very well in facilities with plenty of open space."
Keystone Property Group signed the lease with Federated before it completed its purchase of the complex, said Matthew Sigel, senior vice president of acquisitions for Keystone.
"With the lease in escrow effective on the closing date, it helped us with the acquisition of financing, and it confirms the quality of this campus when a tenant like Federated Investors would want to move a major operation to this site."
The lease will bring occupancy at the site from about 72 percent to about 89 percent, he said.
Federated will occupy two floors in Building 4000 and one floor in Building 5000 at the Marshall site in the Regional Industrial Development Corp.'s Thorn Hill Industrial Park
Other tenants in the complex include the H.J. Heinz Co.'s Global Innovation & Quality Center, which occupies 135,000 square feet in two buildings; Siemens Water Technologies, Accredo Health Group Inc. and Rockwell Automation.
Amenities at the site and access to major highways helped attract Federated, Tuskan said.
In a memo to employees, Federated said the campus includes a large cafeteria; an exercise room; an outdoor basketball court; a walking and jogging trail; and parking.
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