TD Bank to Sell Cherry Hill Building as it Undertakes Evaluation of Real Estate Holdings

TD Bank is selling one of the 10 buildings at its South Jersey headquarters campus, part of an assessment the company is taking on its real estate holdings.

“Affected colleagues are being relocated to other nearby locations within our office park headquarters and those currently working from home will continue to do so throughout the remainder of the calendar year and possibly into 2021,” TD said in a statement.

The Beck Building at 2059 Springdale Road in Cherry Hill spans 48,921 square feet across a 6-acre lot and is home to 420 employees working in several corporate functions — commercial banking, U.S. wealth management and corporate and specialty banking. TD spokeswoman Amber Leahy said the employees will continue working with their existing teams when they relocate.

She said TD had been conducting a regular real estate assessment — which began before Covid-19 led to a variety of companies to rethink their office space needs.

The Beck Building is about a half mile away from the rest of the campus in Mount Laurel, where the other nine buildings are within walking distance of each other. So now all employees will be within walking distance from one another.

TD said it plans to list the Beck Building for sale on Oct. 30. As part of the real estate evaluation, the bank also will sell a 64,000-square-foot building at 1000 MacArthur Blvd. in North Jersey’s Mahwah

Within the 10-building Mount Laurel campus, TD has approximately 5,480 employees.

It is the second-largest bank in the Philadelphia region behind Wells Fargo Bank with $27.4 billion in deposits, or 14.3% market share, and 127 branches. The U.S. arm of Toronto-based TD Bank Group (NYSE: TD), it is also one of the 10-largest banks in the country, with about 1,200 branches from Maine to Florida.

In an interview with the Philadelphia Business Journal in late July, TD Bank U.S. CEO Greg Braca said the bank had made a commitment that “there would be no job loss during Covid and we intend to stick with that.”

*Article courtesy of Philadelphia Business Journal

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