Friday, August 24, 2012

After GSK moves out, Three Franklin Plaza will get a face-lift

by Natalie Kostelni

When GlaxoSmithKline moves out of Three Franklin Plaza early next year, Liberty Property Trust plans to extensively renovate the building, which is just 13 years old.

The eight-story, 225,000-square-foot building will get a fitness center, upgraded ventilation systems, new bathrooms and lobby as well as other improvements to common and other areas. Liberty, which owns the building, hasn’t pinpointed how much it intends to spend.

Even though work on the building won’t begin in earnest until next June, Liberty is already trying to land tenants to fill the soon-to-be-vacant space.

“We are marketing it to a range of users and have had advanced discussions with users,” said John Gattuso, senior vice president at Liberty. Gattuso anticipates the building will “most likely” be occupied by multiple tenants rather than a single company.
Some large Center City tenants milling about the market include FMC Corp., Drinker Biddle, Pepper Hamilton, Glenmede Trust and Beneficial Bank. Other smaller tenants are also in the market and a combination of them could help to chip away at the building’s vacancy.
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