Qurate Retail Group, the parent company of QVC Inc. and the Home Shopping Network, has sold one of its buildings in West Chester for $17.5 million, having determined it no longer needed the space as the company embraces a flexible work arrangement going forward.
Parsons 1365 LLC, an entity affiliated with Communications Test Design Inc., bought the five parcels that comprise the property at 1365 Enterprise Drive, according to Chester County real estate records. The property includes a 256,500-square-foot office building and related parking. CTDI is located next door at 1373 Enterprise Drive.
A representative from CTDI couldn’t be reached for comment.
Qurate will continue to own and operate from Studio Park, which is the company’s global headquarters located at 1200 Wilson Drive in West Chester, according to a Qurate spokeswoman. The 720,000-square-foot property is home to its corporate offices, as well as QVC’s U.S.-based broadcast studios.
The decision to sell 1365 Enterprise, which QVC refers to as its Founder’s Park building, came after the company concluded it will continue to integrate virtual work within its operations and all of its West Chester operations would be folded into the Studio Park building, the Qurate spokeswoman said.
The company does not disclose employee headcount by location but confirmed the sale will not result in a reduction in headcount.
Qurate joins other companies that are re-evaluating their office space needs as a result of permanently adopting work-from-home arrangements after employees moved to remote work during the pandemic. Some companies have been trying to sublease excess space, and others that own their buildings are seeking to sell properties they have determined they no longer need. Pfizer Inc. is among the most prominent to fall into that category. The pharmaceutical company recently put its 340-acre Collegeville campus up for sale.
*Article courtesy of The Philadelphia Business Journal
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