Morning Headlines: $70M Renovation Planned for Broad Street Building
Aiming to attract tenants, the new owners of the 11-story telecom building at 401 N. Broad Street have planned renovations for the space. At this time, 300,000 square feet of the 1.3-million-square-foot property is vacant.
According to Natalie Kostelni of the Philadelphia Business Journal, the property, bought last month by Amerimar and its partners, is considered an important “mission critical data center.”
The first phase of work will entail overhauling many of the building’s mechanical systems and its security and creating new shaftways from decommissioned elevators. The shaftways are used to house cabling. Work will also be done to the façade.
In addition, a 20,000-square-foot “meet-me” room will be constructed. This is space within a telecom hotel where different networks can connect with each other. It will be carrier neutral and owned by Amerimar.
Work will also entail preparing the vacant space with the necessary equipment and other gear that telecom tenants need.
Additionally, rents could potentially be in the “$30s a square foot” with expenses mostly going to power usage. Leases vary between 10 to 15 years.
• 401 N. Broad St. moving forward with $70 million renovation [Philadelphia Business Journal]
In other news…
• How these real estate developers used open data to find new business [Technical.ly Philly]
• Dismantling of 15th and Walnut buildings coming along [PhillyLiving]