They’re not moving far, just about 20 blocks up the street to a new location.
This is technically old news and a badly kept secret, but there just hasn’t been much reporting on it.
Jeff Blumental and others at the Philadelphia Business Journal have dropped some information here and there, and there’s a new story up on the PBJ website from Natalie Kostelni, who reports that the lease has been signed to move 94 WIP to 2400 Market Street:
Sources: @Entercom inks deal to move its HQ from Bala Cynwyd into Center City. The 67K square feet of space being leased will also be home to up to 12 radio stations, according to @PHLBiznkostelni. https://t.co/qwIggx3qew pic.twitter.com/L7CkBLFtOF
— jeff blumenthal (@PHLBizLawBank) September 11, 2018
Long story short, Entercom’s national headquarters has always been located in the region, even though they never owned any Philly radio stations. When they purchased WIP, WOGL, WPHT, and the other CBS stations for $2.4 billion last year, they finally had a local cluster in the same market as their HQ.
Right now the stations are located in three different areas. 94 WIP and 1210 WPHT operate out of 400 Market Street. KYW News Radio shares the same floor at 15th and Spring Garden with CBS 3, who used to be their television counterpart and sister station. The recently acquired 101.1 More FM is based in Bala Cynwyd along with 96.5 and WOGL. The country station, 92.5 WXTU, is being sold to Beasley.
Under the new arrangement, Entercom would move all six of these stations to the new space at 24th and Market, shared with Aramark, who is also moving west from their previous location at 11th and Market. It just makes more sense for Entercom to get all of their local properties under the same umbrella and consolidate everything into one building. At least I’m assuming that’s the goal here.
The only real issue is subleasing their current locations and navigating taxes, which might not be thrilling for the 96.5 employee who lives and works outside the city lines.
The Business Journal detailed some of those quirks in a December story:
Entercom (NYSE: ETM) is currently based at 401 E. City Ave., Suite 809 in Bala Cynwyd. According to a Securities and Exchange Commission filing, the company holds a lease for 14,061 square feet that expires on October 31, 2021. That space could be sublet if Entercom struck a deal to move.
While Entercom and its employees would pay more in taxes by moving into the city, the company would be situated in a place more familiar to investors and listeners from across the country — an important factor now that it is the second-largest U.S. radio company with operations in 23 of the 25 largest media markets.
Just minutes away from 30th Street Station, 2400 Market also offers quick access to Amtrak for trips to nearby markets in New York and Washington, D.C. as well as SEPTA’s Regional Rail line to Philadelphia International Airport.
Landing an industry leading company such as Entercom would be somewhat of a coup for Philadelphia, which has seen some firms reduce space or leave the city altogether. No word on whether Entercom could receive tax benefits from the city or state.
The move is set to take place sometime in 2019, likely in the second quarter. I’m not sure what would happen to the space at 15th and Spring Garden, because CBS 3 doesn’t have enough staff to fill the 6th floor, which was remodeled less than three years ago to accommodate KYW News Radio.
Here’s a helpful map showing the current locations and the new building: