Friday, January 8, 2016

Keystone Acquires, Will Renovate GSB Building in Bala Cynwyd

by Steve Lubetkin,
Keystone Property Group has acquired and will redevelop One Belmont Avenue, also known as the GSB Building, in Bala Cynwyd, PA.

Situated in the bustling City Avenue commercial corridor, where Keystone now owns five office properties, One Belmont Avenue includes 245,000 square feet of prime office and ground-floor retail space. Keystone declined to disclose the purchase price, but industry sources familiar with the market say the deal was worth around $46 million.

The building occupies an eight-acre site, which allows for significant additional mixed-use development opportunities, for which Keystone is considering its options.

"We're very excited about the opportunity to create a multi-faceted property in an area that is so perfectly suited for office, retail, residential and hotel development," Keystone senior vice president Richard Gottlieb tells exclusively. “As we evaluate the possibilities for this unique site, we will be engaging a world-class master plan architect to develop a scheme that will further invigorate the City Avenue corridor."

Keystone is planning significant upgrades to the existing 12-story GSB Building, including new elevators, an upgraded HVAC system, enhanced lobbies and restrooms, and an improved parking structure.

“The GSB Building is ideally positioned in one of the most desirable business districts anywhere in the Philadelphia region,” says Gottlieb. “We’re excited to revamp this iconic asset to make it a more up-to-date and engaging place to work.”

Currently, the GSB Building is 93-percent occupied, attracting a diverse mix of local, regional, and national businesses. The property is located near the intersection of I-76 and Route 1, about 12 minutes from Philadelphia’s Center City.

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