PHILADELPHIA—The new ownership of the 401 N. Broad St. building in Center City will be moving forward with its planned $70-million renovation as it tries to lease up the vacant space at the telecommunications building.
Amerimar Enterprises and its partners are planning a multi-phased interior and façade improvement initiative at the data center building and have also hired Cushman & Wakefield to lease up approximately 300,000 square feet of vacant space at the 11-story, 1.3-million-square-foot property, according to the Philadelphia Business Journal. Most of the vacancies were non-related data companies that moved out of the property.
Cushman & Wakefield Data Advisory Group's Roger McManimon, Jack Meyers and Jason Bernardi are marketing the vacant space at the property.
The first phase of renovation work will involve the overhaul of many of the building's mechanical and security systems and the development of new shaftways from decommissioned elevators. Work is also planned for the building's façade. Amerimar and partners Abrams Capital Management of Boston and communications and real estate advisory firm Hunter Newby, acquired the property in March of this year from the Stillman Group of New York City. See story in the Philadelphia Business Journal.
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