Keystone President Bill Glazer tells GlobeSt.com that the firm will spend up to $10 million on a renovation program that will enhance the exterior entrances, improve the parking areas and upgrade the interior finishes. "This is the best located, largest contiguous amount of space in the Northwest Corridor area," he says. "There's tremendous access and visibility, the space is very competitive. We're going to create a class A building here."
The space will lease at about $17, net, per sf, Glazer says. "Because of the former tenant, we have the ability to accommodate tenants with very large data cetner and power requirements," he says. The Conshohocken, PA-based company has amassed 750,000-sf of owned properties in the Chicago area.
Tandem Development, a partnership of former CenterPoint Chief Operating Officer Paul Ahern and Leopardo Construction, recently purchased the 156,000-sf 300 N. Martingale Road for $16.1 million. That building is 97% leased.
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