Looking for a new headquarters, Gerard P. Cuddy, chief executive of Beneficial Bank, the biggest and oldest bank still based in Philadelphia, has been cruising the tenants' market that is Center City's office-rental scene.
"We analyzed space in 28 buildings," Cuddy said Tuesday. "This is a good time to be a shopper looking for 100,000 square feet in Philadelphia. David Binswanger, our broker, is extraordinary. This wasn't a transaction for him; it was like a mission."
On Wednesday, Cuddy plans to announce Beneficial's new headquarters: four floors of a 42-story tower at 1818 Market St., owned by Sovereign Capital Management Group, that will be renamed Beneficial Place. Runner-up was the former Dow Chemical headquarters on Independence Mall.