The Bala Cynwyd-based Keystone, which bought the four-acreproperty in 2004 for $4.2 million, plans to renovate threebuildings in the center. Upgrades include new HVAC units, newelectric, new elevators and walkways as well as a complete'reskinning' of the buildings' exteriors, which involves replacingall the windows and doors and giving the buildings new facades. Thefourth building, a 2,400-sf office, will be demolished and replacedwith additional parking spaces.

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The remaining buildings, which include an 8,000-sf standalonefronting Butler Pike; the three-story, 26,000-sf West Building andthe four-story East Building are being marketed by Keystone and GVASmith Mack as office condos. According to Greg Hanson, Keystone'sregional director for the mid-Atlantic region, the average askingprice is $210 per sf, a price that is in line with similarbuildings being sold in Exton, PA, where condo offices are morecommon than in Ambler.

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The standalone building is currently under sale agreement to amedical office user. Buyers in the West Building can take halffloors or whole floors equaling 5,000 to 6,000 sf, while the EastBuilding features half floors of 2,700 sf and full floors of 5,400to 7,100 sf.

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The property, located at the intersection of Skippack Pike andButler Pike, provides exposure for the estimated 27,000 cars thatpass through the intersection every day. In addition, according toHansen, the area offers higher-end demographics but very littleoffice space. The intersection has recently received economicdevelopment help from the state and township for upgrades.

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"The whole corner is to be upgraded and developed, becausethat's the entrance to the township," Hansen explains. "We've foundthat the state and Whitemarsh Township have been very favorable towhat we're trying to do here, and we're delighted to be part of thefour-corner redevelopment that they've envisioned."

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Keystone specializes in acquiring and renovating office, flexand industrial buildings in good locations that need improvements.The company's portfolio includes properties in Pennsylvania, NewJersey, Chicago and Florida.

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