PHILADELPHIA (CBS) -- A name brand company that has called Philadelphia home for generations is moving out. But not just yet as Crown Holdings says it is selling its' global headquarters building in the Northeast.
The 125-year-old company, formerly known as Crown Cork & Seal, plans to lease back the building on 40 acres of land, near Roosevelt Boulevard and Woodhaven Road, while it pursues relocating to either the suburbs or an out of state location.
A release by CBRE Group, which brokered the deal, does not mention staying in Philadelphia.
Crown is mostly known as a metal packaging company, with operations in 36-countries, employing 24,000 workers.
It began with a singular invention - the bottle cap, also known as the "crown cork."
Inventor William Painter patented the bottle cap in Baltimore, in 1892, creating a better way to package soft drinks and beer.
In the early 1900's Crown Cork expanded operations worldwide.
Then, it moved into tin cans in the 1930's, acquiring the Acme Can Company of Philadelphia, and in 1958, moved its corporate headquarters here.
The 80's and 90's saw more acquisitions in aluminum and plastics, and in 1996, Crown moved into its current global headquarters building.
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