From Center City to Swedesford Road, several owners of existing office buildings have launched major renovations as a way to fill a void in the market and separate them from the pack.
Landlords are seeking out tired and old properties and infusing them with millions of dollars for top-to-bottom facelifts on inside and outside. In many cases, these vintage office buildings have become functionally obsolete. They no longer meet the needs of today’s discerning tenants who want spiffed-up contemporary spaces with more amenities.
On City Avenue, Post Brothers is sinking $2.5 million into the Monroe Executive Campus, a 70,000-square-foot building next to Presidential City that it bought out of foreclosure for $2.4 million. The property was built in the 1950s and only 3 percent occupied when Post got control of it. A new lobby, restrooms and corridors are part of the plan, so is landscaping, upgraded building systems and a paint job.
“We are taking what had been an irrelevant and underutilized building and taking advantage of what we’re creating around it,” said Randy Hope, managing director at Post Brothers. “Our goal is to give tenants a Class A experience at a fraction of the price of what rents are in Bala.”
Full story here.
Philadelphia Business Journal