Print
Real Estate - Commercial

Thermo Fisher To Explore Sale Of Former PPD HQ

By Staff Reports, posted Apr 11, 2022
Thermo Fisher Scientific is considering selling its downtown office building, formerly the headquarters of PPD, which the company acquired late last year. (Photo by Johanna F. Still)

Four months after officially acquiring Wilmington-headquartered PPD, Thermo Fisher Scientific announced it is exploring opportunities to sell Wilmington’s tallest building. 

The scientific service leader is embarking on a multi-year effort, which includes plans to seek new office space in Wilmington. The shift “will enable this business to better match current and future workspace needs with flexible work models,” Thermo Fisher shared in a press release Monday afternoon. 

Thermo Fisher’s move is indicative of an international trend whereby companies are reassessing their use of office space in the context of rising remote capabilities. The company is currently in the early stage of considering new office space opportunities, according to a release, and “remains committed to Wilmington.” 

When the $17.4-billion acquisition first closed in December 2021, the company shared no changes to facilities or locations were planned – though many real estate experts had speculated the building could serve alternative uses, given the often empty parking decks. Thermo Fisher even had PPD's signature purple lettering removed from the building's façade less than two weeks after the acquisition. 

The 12-story downtown building functioned as PPD’s corporate headquarters since it opened in 2007, and marked the beginning of an economic revival of the northern waterfront area downtown. 

David Johnston, Thermo Fisher’s senior vice president and president of clinical research, said a significant percentage of the company’s 1,700 Wilmington employees and prospective candidates prefer a hybrid working model. This involves coming into the office for collaboration purposes, “which necessitates more flexible workspaces and fewer dedicated offices.”

“We have been proud of our Wilmington building since it opened in 2007 and, as we consider the evolving needs of our workforce and business, we believe this is the right time to establish a new location to serve our colleagues, customers and visitors,” Johnston said in a release.

PPD was an early adapter of the remote working model and found the flexibility fostered high productivity during the pandemic. 

“Our commitment to Wilmington as an employer and our involvement in the community remain stronger than ever and, through this relocation, we expect to continue to be a Wilmington growth story for years to come,” Johnston said. ​

Ico insights

INSIGHTS

SPONSORS' CONTENT
Untitleddesign7

Understanding the Role of a Community Manager and Dispelling Common Misconceptions

Dave Orr - Community Association Management Services
Burrus rob headshot 300x300

Spreading Wings for Flight: 2nd Annual Trade Show Highlights the Ingenuity of UNCW Business Students

Robert Burrus - Cameron School of Business - UNC-Wilmington
Untitleddesign2 4523114356

Cybersecurity and Productivity: Striking the Perfect Balance for Business Success

Barrett Earney - EarneyIT

Trending News

Bank, Nonprofit Look To Lease Skyline Center Space From City

Emma Dill - Feb 19, 2024

Homebuilders Association Adds Taylor As Director Of Business Development

Staff Reports - Feb 20, 2024

Insurance Company Leases Space In Upcoming Midtown Office Building

Cece Nunn - Feb 20, 2024

Coffee Shop, Bar Takes Flight In Downtown Wilmington

Laura Moore - Feb 21, 2024

Local Women's Impact Network Announces Board Officers, Members

Staff Reports - Feb 20, 2024

In The Current Issue

MADE: IKA Works Inc. Equips Labs

IKA Works Inc. manufactures products used by universities, biotech companies and more....


State Real Estate Leader Weighs In

"Forecasts from leading economists suggest a downward adjustment in interest rates by the middle of the year, a development that could notab...


Pickler Provides Place To Play

Today, the House of Pickleball has around 2,000 members....

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2023 Power Breakfast: Major Developments