ING Clarion purchased the eight-story, 140,000-sf building inDecember 2005 from Chicago-based M & J Wilkow Ltd. for $67.5million. The plan to build out and renovate the property originatedwith Wilkow. Other improvements will include a new facade, lobby,restrooms, common areas, mechanical systems, fitness center androoftop terrace.
However it is the top three floors and the potential revenuestream that most intrigued ING, according to Marc Nathanson,managing principal of WDG Architecture, a local firm thatoriginally designed the building in 1981 and has also designed theaddition.
"Besides increasing density, adding three floors would make thebuilding higher than the surrounding ones," he tells GlobeSt.com."Because the view is going to better, they will be able to commanda premium in rent for those floors."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
