The New York-based owners of Bala Cynwyd’s Bala Plaza
office complex are asking the state for a $10-million grant to help pay for
renovations apparently aimed at keeping units of Japan’s Tokio Marine Holdings
Inc. as tenants.
Tishman Speyer is seeking to complete a $38-million
renovation of the complex’s 378,200-square-foot One Bala Plaza building “in
order to retain a major insurance services employer in Pennsylvania,” according
to its recently filed application for a state Redevelopment Assistance Capital
Program grant.
Philadelphia Insurance Cos. and TMNA Services LLC, both
Tokio subsidiaries, are currently headquartered in the complex. Bill Procopio,
a spokesman for the companies, said they are in negotiations for a future
lease, but declined to provide further details.
The grant application says the renovations would help
retain over 1,000 jobs and facilitate the creation of over 350 more by 2024.
Tishman Speyer spokesman Bud Perrone declined to elaborate on the plans.
Tokio Marine acquired Philadelphia Insurance for $4.4
billion in 2008.
Source: Philly.com
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