November 25, 2019Philadelphia Business Journal
American Real Estate Partners plans to invest more than $15 million in a series of renovations at 1600 Market St., a building that the Northern Virginia company bought after PNC Financial Services Group vacated a significant amount of space in it.
The building's vacancy, dated lobby and lack of amenities gave AREP an opportunity to reposition the 39-story, 825,968-square-foot office building to better compete with its Central Business District neighbors that have already undergone millions of dollars in renovations and are getting higher rents as a result. AREP enlisted Collective Architecture, a Washington, D.C., firm to come up with a design to update the nearly 40- year-old structure with a contemporary flare, reimagined common spaces that provide tenants with an improved experience and amenities that are now an accepted part of any modern office building.
"We wanted to do something that would stick out," said Paul Schulman, chief operating officer at AREP. The real estate company paid $160 million for 1600 Market in 2018.