Published On: Wed, Sep 3rd, 2014

Glazer and Gottlieb’s Keystone Gets $92.5 Million Financing to Upgrade Properties

1266 East Main Street in Stamford CT

William Glazer and Richard Gottlieb run Keystone Property Group, a Pennsylvania based real estate investor, has acquired $92.5 million in financing for a number of its properties.

The funds will be used for upgrades and renovations at six office properties that the firm owns in the area of western Connecticut and Westchester County New York. They are Soundview Plaza, located at 1266 East Main Street in Stamford CT, 555, 565 and 570 Taxter Road in Elmsford, New York, and Talleyrand Office Park, at 200 and 220 White Plains Road in Tarrytown, N.Y.

Keystone has also spent more than $5 million on renovations to its Miami Lakes Business Center. Dade Medical College just signed to lease 39, 791 square feet of space there and Advanced Data Processing has taken 18, 122 square feet of office space.

Located at 14400 NW 77th Ct in Hialeah, the three story building was only 75% occupied before the announcement of the new deals.

As Noel Steinfeld, who represented Keystone in the leases, told The Real Deal Miami, “These two leases are significant in the Miami Lakes submarket which has a 28 percent vacancy rate. The substantial investments that owner Keystone Property Group has made have increased the value of this asset and its desirability as a business address.”

In other Keystone news, its plans for an 18-story, 200-room hotel at the intersection of Fayette and Elm streets, an eight-story parking garage to replace the existing three-story garage and a new Class A, 300, 000 square foot office building in Conshohocken PA were recently approved by that borough’s council.

The firm will pay $3.2 million for the condemned Verizon building there, which will be replaced with a six story apartment building, and receive a $3 million Urban Development Action Grant towards its $11, 624, 671 construction budget for the new building.

The borough will get the use of 20, 000 square feet of office space in the new, 65, 000 square foot building for police and borough employees.

”One Conshohocken offers an incredible opportunity to transform downtown Conshohocken into an active and lively destination that will truly benefit all members of the community, ” commented Bill Glazer, President of Keystone Property Group. “We are confident that the development will be a boon for economic development in the area, but more importantly, it will add to the renewed sense of excitement and culture that serves as the centerpiece of the commercial district.”

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