Automated warehouse company Exol signed a 973,200-square-foot industrial lease in Bucks County. The deal ranks among the largest leases in the Philadelphia region in recent years.

The lease fully occupies the South Penn Logistics Center at 2300 S. Pennsylvania Avenue in Morrisville. Chicago-based Logistics Property Co. completed the building last year.

The property sits along the Delaware River across from Trenton. Additionally, the site is just north of the Keystone Trade Center, another major industrial hub.

Exol, based in Menlo Park, California, specializes in automated fulfillment powered by artificial intelligence. The company launched in 2023 and previously operated as GreenBox.

Notably, the Morrisville facility will serve as Exol’s sixth location and its first in the Philadelphia region. The lease also marks the company’s first transaction since its rebrand.

Meanwhile, the transaction ranks as the fourth-largest industrial lease in the Philadelphia market since early 2024. Large industrial deals have continued shaping the region’s logistics market.

For example, DrinkPak signed a 1.4 million-square-foot lease at the Bellwether District in South Philadelphia. Additionally, Performance Team leased 1.2 million square feet at Box Park Logistics Center in Cinnaminson, New Jersey.

*Article courtesy of  Philadelphia Business Journal

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