The property, which is currently vacant, used to serve as acheck cashing and training facility for Bank of America. KeystoneProperty Group senior vice president Matt Sigel tells GlobeSt.comthat the property was acquired because it is a well-located assetthat requires substantial capital investment. The seller wasAmerican Financial Realty Trust. "The seller acquired the propertyas part of a portfolio and didn't do much with it," he says.

Keystone has hired CB Richard Ellis to handle leasing andColliers Abood Wood-Fay for property management. The company plansto reposition the building for multi-tenant occupation byconstructing a new facade with ribbon windows and upgrades to thelobby, AC systems and common areas. Plans also call for demolishingan existing 6,200-sf day care center and increasing the parkingratio to 5.5 spaces per 1,000 sf. Sigel says Keystone plans tospend in excess of $10 million on improvements. Work will beginimmediately.

"Our strategy is to begin work before securing a tenant," hesays. "We find that leasing activity picks up when you can see thatwork in being done."