The Greater Berks Development Fund, the Greater Reading Chamber Alliance’s Certified Economic Development Organization, has sold 600 Penn Street to 600 Penn Street, LP, an affiliate of Shuman Development Group.
Real-estate developer Alan Shuman, who manages the group, plans to convert the first floor into multiple restaurant locations and is still evaluating whether to convert the upper floors to luxury residential apartments or keep as high-end office space.
“I appreciate this opportunity to work with GRCA on this landmark building on Penn Square and am excited to take this step forward in our efforts to revitalize the downtown,” Shuman said.
The 130,000-square-foot, Class A office property, also known as the Wells Fargo building, sits at the corner of Penn and South 6th Streets. GBDF completed construction of the property in 1997 and has owned the property since that time.
“Over 25 years ago, Greater Berks Development Fund played an important role in keeping Meridian Bank (then CoreStates at the time of project completion) in downtown Reading. The building remains an important anchor in the city, and we wish Mr. Shuman continued success with the property,” said Dan Langdon, GBDF Board Chairman.