Friday, July 6, 2012

Two Wayne buildings to be joined in overhaul

by Natalie Kostelni
The new owners of 530 and 580 E. Swedesford Road here are launching a $16 million overhaul of the office buildings.

The project would entail connecting the two four-story structures to create room for a new fitness center, conference center and café. The connector will enlarge the square footage of each floor and create what will end up being 272,000 square feet of contiguous space. It will also get a new name: CrossPoint at Valley Forge. D2 Solutions is the architect.

The properties are about 90 percent vacant. It was bought a year ago by MIM-Hayden Real Estate Fund of Conshohocken along with Davis Cos. of Boston. They bought what had been a $44 million first mortgage at about a $15 million discount.
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