Hanwha Philly Shipyard has expanded its Navy Yard footprint with a new 64,380-square-foot office lease.

The shipbuilder will occupy three floors at 201 Rouse Boulevard, an 80,000-square-foot office building.

Overall, Hanwha will occupy more than 80% of the property.

The building sits approximately 1.3 miles from Hanwha’s 115-acre shipyard along the Navy Yard waterfront.

Notably, the office expansion supports the company’s broader plans to increase shipbuilding capacity in Philadelphia.

Hanwha could relocate employees from waterfront offices into the newly leased space.

As a result, existing areas near the docks could support additional construction and production operations.

The company is also preparing for significant workforce growth at the Navy Yard.

Additionally, Hanwha has committed to investing billions into its Philadelphia shipbuilding operations.

Employees began moving into 201 Rouse Boulevard shortly after the lease was signed.

The building was developed in 2015 and previously served as the headquarters of FS Investments.

However, FS Investments relocated its headquarters to Schuylkill Yards earlier this year.

Hanwha now plans to add its own branding and exterior signage to the property.

The transaction demonstrates how industrial expansion can generate demand across multiple commercial real estate sectors.

In this case, increased manufacturing capacity is also creating a need for additional office space.

Furthermore, the lease fills a substantial portion of a recently vacated Navy Yard office building.

That combination highlights the Navy Yard’s ability to support manufacturing, office operations, and large-scale employment growth.

As Hanwha expands its Philadelphia operations, its real estate footprint could continue evolving alongside its production needs.

*Article courtesy of Philadelphia Business Journal

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