LOUISVILLE, Ky. (WDRB) -- The downtown Louisville office building formerly known as the Fifth Third Building and as Brown & Williamson Tower is set for a major overhaul under a new owner.
KennMar, which bought 401 S. 4th St. in April 2023 for $9 million, plans a new tenant lounge, conference area, coffee shop and exterior patio as well as stadium-style seating in the building's main lobby.
About eight floors of the 26-story tower at South 4th and West Liberty streets are available for lease, according to a real estate listing, in keeping with the roughly 25% vacancy rate for "Class A" office space in Louisville's Central Business District.
"Since acquiring the property, our management and design teams have been working together to identify renovations that will support the needs of existing tenants and align with key trends in the office sector," said Brent Benge, President & CEO of KennMar, in a press release. "As a result, during the planning process we focused on redesigning spaces that will spur collaboration, prioritized modifications that will offer enhanced communal amenities, and have been working with Louisville Downtown Partnership to create an outdoor space that will be available to both tenants and to the community."
The renovations are set to begin between April and July, with completion estimated by the end of 2025.
Doug Owen of real estate brokerage JLL, the building's leasing agent, said KennMar's plans signify the "flight to quality" in the office market. With high rates of vacancy, building owners who invest in their properties are the ones attracting tenants.
"With modern, flexible spaces that cater to the evolving needs of tenants, these renovations become catalysts for additional economic growth, driving job creation and fostering innovation," Owen said in the news release.
