PECO has occupied a 67,000-square-foot Malvern office building purchased for $6 million as the energy company expands its real estate footprint.

PECO has taken occupancy of a 67,000-square-foot office building in Malvern. The move supports the energy company’s broader strategy to expand its office footprint.

The property is located at 100 Chesterfield Parkway and spans approximately 9.5 acres. PECO purchased the building for $6 million in January.

The sale price equates to nearly $90 per square foot. Previously, the property was occupied by Vanguard Group.

Vanguard has been reducing portions of its local real estate footprint in recent years. Meanwhile, PECO is moving in the opposite direction by adding office space.

PECO acquired the property from an entity connected to Pacer Financial President Joe Thomson. The seller had purchased the building only seven months earlier for $4.5 million.

As a result, PECO’s purchase price represented a 33% increase from the property’s previous transaction.

Even so, the latest sale remains below the building’s earlier valuation. EQT Real Estate acquired the property for $10.7 million in 2018.

The recent pricing history highlights changing conditions across Greater Philadelphia’s suburban office market. While some companies continue consolidating space, others are pursuing ownership opportunities at adjusted valuations.

For PECO, the acquisition provides additional office capacity within the established Malvern business corridor. Additionally, the property offers the company control over a sizable suburban campus.

The transaction reflects how changing office values can create acquisition opportunities for owner-users. At the same time, corporate real estate strategies continue moving in different directions across the Philadelphia region.