The property, which is currently vacant, used to serve as a check cashing and training facility for Bank of America. Keystone Property Group senior vice president Matt Sigel tells GlobeSt.com that the property was acquired because it is a well-located asset that requires substantial capital investment. The seller was American Financial Realty Trust. "The seller acquired the property as part of a portfolio and didn't do much with it," he says.
Keystone has hired CB Richard Ellis to handle leasing and Colliers Abood Wood-Fay for property management. The company plans to reposition the building for multi-tenant occupation by constructing a new facade with ribbon windows and upgrades to the lobby, AC systems and common areas. Plans also call for demolishing an existing 6,200-sf day care center and increasing the parking ratio to 5.5 spaces per 1,000 sf. Sigel says Keystone plans to spend in excess of $10 million on improvements. Work will begin immediately.
"Our strategy is to begin work before securing a tenant," he says. "We find that leasing activity picks up when you can see that work in being done."
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