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Keystone Property Group Buys GSB Building for $46M

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Keystone Property Group can cross another building off their Bala Cynwyd list: The developer announced yesterday that they bought the GSB Building at One Belmont Avenue, bringing their number of Bala Cynwyd properties to five. Philadelphia Business Journal first reported in October that Keystone Property Group had plans to buy the 12-story, 245,000-square-foot property from Maguire & Partners for around $50 million. The actual estimated selling price was $46 million. According to the press release, Keystone plans to "revamp the iconic asset to make it a more up-to-date and engaging place to work."

The proposed renovations include new elevators, a reinvented lobby and restrooms, new finishes, modernized lighting, and improved parking structure. Richard Gottlieb, SVP at Keystone, also hinted at the potential for creating a "mixed-use component," given the zoning effect that now allows more mixed-use development along City Avenue. The GSB building—the acronym for Germantown Savings Bank—is currently 93 percent occupied.

·Keystone closes on GSB building, considers mixed-use development at site [PBJ]
·Sources: City Ave.'s GSB Building under agreement
·One Plymouth Meeting building to receive major facelift [Curbed Philly]