In a major win for local economic development, off-price retail giant Burlington Stores, Inc. is packing up its New Jersey headquarters and relocating to West Philadelphia, according to state and local officials.

The Fortune 500 company has agreed to purchase property at 3151 Market Street within Brandywine Realty Trust’s Schuylkill Yards development. According to a press release from the Pennsylvania Department of Community & Economic Development, the total project represents a $370 million investment—marking the largest corporate headquarters relocation to Philadelphia in recent memory.

State estimates project that the project is expected to create at least 2,000 corporate jobs over the next five years.

As reported by WHYY, the relocation is supported by $30 million in state grants, alongside a $7 million forgivable loan and job-creation tax credits provided by the City of Philadelphia.

The company plans to leverage regional transit discounts through programs like SEPTA Key Advantage to ease employee commutes, according to city transportation officials.

“Burlington’s decision to make Philadelphia its new corporate home is a powerful vote of confidence in our city and our people. This move will bring up to 2,000 quality jobs to Philadelphia… working, shopping, dining, and supporting businesses throughout Philadelphia,” said Mayor Cherelle Parker.

The company was “strongly attracted to the energy, talent, and infrastructure that Philadelphia has to offer,” according to a statement by Michael O’Sullivan, CEO of Burlington Stores.

The arrival of 2,000 corporate employees in University City is expected to have a major economic impact on West Philadelphia. According to local business leaders, adding a Fortune 500 corporate anchor right on Market Street is expected to drive significant foot traffic and revenue toward West Philly’s restaurants, retail shops, and neighboring small businesses.

Burlington will also partner with the City and School District on workforce development programs, according to Councilmember Jamie Gauthier.