Chubb has completed the sale of its longtime office property in Old City as it prepares for a major relocation within Philadelphia.

The company sold its 331,350-square-foot building at 436 Walnut Street to Extell Development for $30 million. Chubb owned the property for more than 20 years before finalizing the transaction.

This sale comes just months ahead of Chubb’s planned move to 2000 Arch Street. The company will anchor the newly developed 18-story office tower once construction is completed later this year.

Chubb originally announced plans for the new headquarters in 2022. The 438,000-square-foot project is being developed in partnership with Parkway Corp..

The relocation reflects a significant expansion of Chubb’s presence in the city. The new space is expected to accommodate approximately 1,250 additional employees. Currently, the company employs about 3,200 people in Philadelphia.

As a result, the move positions Chubb for continued long-term growth in a modern office environment. At the same time, it reinforces demand for newly constructed, amenity-rich office space in Center City.

Meanwhile, the sale of the Walnut Street property marks the end of a long-term ownership cycle. Chubb purchased the building in 2004 for nearly $29 million. Therefore, the recent $30 million sale reflects relatively stable asset pricing over that period.

Overall, this transaction highlights two key trends in today’s office market. Large occupiers continue to relocate to new, high-quality developments. In contrast, older office assets are increasingly being repositioned or traded as part of portfolio realignment strategies.