PHILADELPHIA, PA — Hanwha Philly Shipyard has leased 64,380 square feet across three floors at 201 Rouse Boulevard in the Philadelphia Navy Yard, shifting administrative operations into the office building as it expands shipbuilding capacity and frees more of its existing footprint for production.
Employees have already begun moving into the building, according to Ensemble Investments, the property’s owner. The lease significantly expands Hanwha’s presence within Ensemble’s Navy Yard office portfolio.
The transaction gives Hanwha control of more than three-quarters of the 80,000-square-foot building. Developed in 2015, 201 Rouse Boulevard is a LEED Gold-certified Class A office property.
The additional office space is tied directly to Hanwha’s effort to increase production at its nearby 115-acre shipyard campus, according to the release. Hanwha Systems and Hanwha Ocean acquired Philly Shipyard in December 2024 and have since outlined investments aimed at modernizing the facility, increasing production and expanding its Philadelphia workforce.
“Our lease at 201 Rouse Boulevard represents a significant investment that will provide our teams with a modern workplace close to the Shipyard while allowing us to dedicate more of our existing footprint to construction and production as we increase shipbuilding capacity,” Hanwha Philly Shipyard Chief Executive Officer David Kim said.
The lease adds another component to Hanwha’s expansion at the Navy Yard as Pennsylvania and Philadelphia officials seek to build maritime manufacturing and employment around the shipyard.
Pennsylvania Department of Community and Economic Development Secretary Rick Siger said the state has invested in Hanwha Philly Shipyard and the surrounding Navy Yard to support shipbuilding and job creation. He said Hanwha’s expansion is creating employment opportunities while contributing to regional and statewide economic activity.
PIDC, Philadelphia’s public-private economic development corporation and the Navy Yard’s master developer, oversees a campus with more than 150 companies and 8.9 million square feet of mixed-use development. More than 16,000 people currently work at the Navy Yard, according to the release.
Hanwha was represented in the lease transaction by Eric Wahlers and Chris Werner of JLL.
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