Listen to this articleThe basics:
- TD Bank moved HQ from Cherry Hill to Mount Laurel
- Relocation part of South Jersey office consolidation strategy
- Former HQ now marketed by CBRE as prime office or medical space
- Move centralizes 1,300 employees, supports hybrid work model
TD Bank officially relocated its headquarters from a giant pyramid-shaped building in Cherry Hill to a more modern property in Mount Laurel.
The banking giant updated its home address to 4140 Church Road in a Sept. 9 online announcement. The move ends a decades-long presence at 1701 Route 70 for TD and its predecessor, Commerce Bancorp.
With most of TD’s corporate teams continuing to work on a hybrid model, the bank launched an effort last year to consolidate its physical footprint in South Jersey.
As part of that post-pandemic rightsizing plan, the bank sold five office buildings in the area and began relocating about 1,300 employees to one of two remaining TD buildings, The Sun Newspapers reported.
Last fall, TD sold its Cherry Hill headquarters for $1.7 million, according to The Courier Post. Then, it leased back the property for 14 months while employees moved to the new base, the report said, noting that the Mount Laurel site is about 3 miles from the Cherry Hill office.
In a statement to NJBIZ, Scott Hite, senior vice president and head of enterprise real estate strategy, planning & innovation at TD, said, “As we continue to evolve our TD Mount Laurel Campus, creating a more centralized and connected colleague experience is top of mind.”
“By moving our HQ to 4140 Church Road, which is also home to our conference center, we’re bringing local colleagues closer together and providing more opportunities to interact and network with senior leaders at the bank,” he said.
Back on the market
Now, the former headquarters is on the market again, according to commercial real estate services firm CBRE. Built in 1986, the 68,520-square-foot building was the home of Commerce Bancorp, which TD acquired in 2007.
The five-story corporate complex overlooks the New Jersey Turnpike. The “property has a wedding cake design with each floor plate smaller than the one below it,” according to CRBE. The firm also notes that the building is one of the tallest in Cherry Hill, offering “unmatched visibility.”
“It is perfect for an office or medical user who wishes to brand their location. Also, the site is zoned in a B2 (Highway Business) which would allow a development to retail on the 4.12-acre site,” the firm said.
One of the 10 largest banks in North America, TD Bank operates more than 1,100 retail stores in 15 states as well as the nation’s capital. It serves more than 10 million customers.
In a bid to streamline operations and adapt to changing customer banking habits, TD has shut dozen dozens of locations across the U.S. in recent years – including several local branches. The bank has said shrinking its footprint will enable it to reinvest in stores, expand ATM networks, and make further improvements to digital and mobile platforms.
