Vanguard is reducing its office footprint in Malvern once again. This time, the investment management giant plans to vacate 87,600 square feet at 45 Liberty Boulevard when its lease expires at the end of June.

The decision represents a significant occupancy change for the property. Currently, the 137,000-square-foot building is fully leased. However, occupancy will fall to approximately 36% following Vanguard’s departure.

The space served multiple business functions for Vanguard. Those operations have since been relocated to other company-owned facilities throughout the Malvern area. As a result, the firm continues to consolidate its real estate footprint while maintaining a substantial regional presence.

Despite the move, Vanguard remains one of the region’s largest employers. The company employs approximately 12,300 people in Pennsylvania and operates more than 30 buildings statewide. In addition, the firm manages roughly $12 trillion in assets globally.

Over the past several years, Vanguard has consistently refined its real estate strategy. For example, the company completed its 225,000-square-foot Neptune office building in Malvern in 2019. Later, it acquired two connected office buildings totaling 300,000 square feet at 1400 Atwater Drive.

Meanwhile, plans for a significantly larger campus expansion in Exton were abandoned. Instead, Vanguard chose to focus growth closer to its existing headquarters operations.

For the property’s owner, filling the upcoming vacancy remains a priority. Encouragingly, negotiations are already underway with a prospective tenant for approximately 65,000 square feet of the available space. Consequently, leasing activity may help offset a portion of the vacancy.

Another bright spot for the building is the presence of Microsoft, which occupies 42,600 square feet. Furthermore, renewal discussions have reportedly begun ahead of the company’s 2028 lease expiration.

Taken together, Vanguard’s latest move reflects a broader trend across the office sector, where major occupiers continue evaluating space needs while concentrating employees in strategic locations.