The building at the corner of Chestnut and Broad streets is owned by New York-based J.P. Morgan and managed by West Conshohocken, PA-based Keystone Property Trust. Terms of the lease were not disclosed.

Last October, a $547,000-matching grant program for façade improvements along the two Chestnut-street blocks east of Broad was announced. Twelve property owners, representing 21 of 33 properties, or 64% of the total space on those blocks, joined with Center City District and the Philadelphia Department of Commerce in the initiative.

The owners and CCD launched the initiative, each with a $40,000-contribution to retain Philadelphia-based Charles E. Broudy & Associates, an architectural and planning firm, to create detailed recommendations and cost estimates for each property.

To date, CCD has approved $45,00 in grants for façade improvements on two properties, the Wanamaker and White buildings. CCD anticipates receiving applications from an additional 14 properties, including the building Borders will occupy.

The city's commerce department and CCD have retained Downtown Works, a locally based-retail consultant, to develop a merchandising plan for the retail corridor. The corridor joins the recently redeveloped Avenue of the Arts, which gained significant additional cultural status with the opening of The Kimmel Center for the Performing Arts last December.