PHILADELPHIA The developers who bought the Dow Chemical Co. Building on Independence Mall in October say they plan to spend $20 million on a renovation that will include a 110-space parking garage and a restaurant with outdoor seating.
Three companies - Keystone Property Group of Bala Cynwyd, Mack-Cali Realty Corp., and parking lot developer Parkway Corp. - jointly bought the building at Sixth and Market Streets from Dow for $45 million.
Dow will lease nearly 200,000 square feet there for its headquarters, Keystone president Bill Glazer said. The U.S. General Services Administration will take over about 135,000 square feet in July. Robert Fahey, who brokered the deal for Dow, said the chemical company would lease space for at least seven years and the government agency for at least 15.