Cloud hosting provider Linode has bought a 15,000-square-foot building in Old City Philadelphia that was built in 1902 as the Union National Bank for $5 million to convert into an office space.
According to Linode, the building caught the eye of the company’s CEO Christopher S. Aker about a year and a half ago. The building is in Philadelphia’s emerging technology hub situated at the corner of 3rd and Arch streets, known as N3RD Street.
The building will house an office space that will accommodate 85 existing employees as well as room for approximately 75 employees. Aker expects renovations to take about a year and is currently accepting RFPs from local architectural firms.
The purchase of the building in Philadelphia comes several months after Linode announced that it was on the hunt for an office space in Philadelphia to relocate employees from its headquarters in Galloway, New Jersey. Aker said the new area will “allow his staff to enjoy a hub of industry-specific innovation they haven’t been able to access in Linode’s other offices in Galloway Township and King’s Hall of Haddonfield, New Jersey.”
“Our team is elated to be joining this community of innovative, talented, visionary nerds,” Aker said in a statement. “This is exactly the kind of neighborhood a company like Linode is going to thrive in, and I think our Linodians are going to contribute tremendously to the culture on N3RD Street, which is already occupied by other great tech organizations like Devnuts, Seer, Indy Hall and WebLinc.”
Aker said: “True innovation occurs when visionary people come together in an environment that stimulates their minds and fosters their creativity. The moment I saw this building and visited the N3RD Street community, I knew Linode’s future was right here.”
The three-story building was placed on Philadelphia’s Register of Historic Places on Jan. 6, 1977. Over its history the building has housed the Corn Exchange National Bank & Trust Co., served as an art gallery in recent years, and, perhaps most famously, was the setting of MTV’s The Real World: Philadelphia in 2004.
“We are thrilled to welcome Linode to Old City,” Philadelphia Mayor Michael A. Nutter said in a statement. “Linode is the latest in a long line of technology companies that have established a presence in Philadelphia in order to access our incredible talent pool and be part of our vibrant, dynamic and growing tech community. We wish them the best of success for their continued growth in Philadelphia.”