Bala Plaza owner proposes $37M renovation plan to retain big insurer tenant

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.