PHILADELPHIA—The new ownership of the 401 N. BroadSt. building in Center City will be moving forward withits planned $70-million renovation as it tries to lease up thevacant space at the telecommunications building.

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Amerimar Enterprises and its partners areplanning a multi-phased interior and façade improvement initiativeat the data center building and have also hired Cushman& Wakefield to lease up approximately 300,000 squarefeet of vacant space at the 11-story, 1.3-million-square-footproperty, according to the Philadelphia Business Journal. Most ofthe vacancies were non-related data companies that moved out of theproperty.

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Cushman & Wakefield Data Advisory Group's RogerMcManimon, Jack Meyers and JasonBernardi are marketing the vacant space at theproperty.

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The first phase of renovation work will involve the overhaul ofmany of the building's mechanical and security systems and thedevelopment of new shaftways from decommissioned elevators. Work isalso planned for the building's façade. Amerimar and partnersAbrams Capital Management of Boston andcommunications and real estate advisory firm HunterNewby, acquired the property in March of this year fromthe Stillman Group of New York City. See story inthe Philadelphia Business Journal.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.