By: Natalie Kostelni
Cohen Seglias is mentioned in the Philadelphia Business Journal article about the upcoming renovations to 1600 Market Street. The firm prepares to move into the new space in August 2020.
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.
To that end, pop-art and fixtures will be installed in the lobby along with a pop-art inspired 1600 sculpture that seeks to set a whimsical tone but also provide a unique experience for tenants and visitors. The idea is to also create something that will “stick out” and differentiate the building from the market, Schulman said.