The building at the corner of Chestnut and Broad streets is owned by New York-based J.P. Morgan and managed by West Conshohocken, PA-based Keystone Property Trust. Terms of the lease were not disclosed.
Last October, a $547,000-matching grant program for façade improvements along the two Chestnut-street blocks east of Broad was announced. Twelve property owners, representing 21 of 33 properties, or 64% of the total space on those blocks, joined with Center City District and the Philadelphia Department of Commerce in the initiative.
The owners and CCD launched the initiative, each with a $40,000-contribution to retain Philadelphia-based Charles E. Broudy & Associates, an architectural and planning firm, to create detailed recommendations and cost estimates for each property.
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