The Bank of America Building on Pennsylvania Avenue has been home to many prominent corporate names for decades.
Since the late ’90s, however, the building has been plagued with major structural problems, including a leaky roof and leaking foundations.
The building’s future is uncertain, as it faces a $1.6 billion federal grant program that aims to improve its structural integrity.
But some PNC employees are hoping to change the building’s structural status and make it one of the nation’s top investment banks by the end of the year.
“We’ve got to make the building better,” said Paul Wurman, the vice president of PNC’s investment banking operations, in an interview with Business Insider.
“We’ve done the same thing in our old bank building.”
The bank building in Philadelphia is known for its iconic glass façade, but its design was altered in 2012 when a contractor began installing a new roof.
The roof had collapsed in the past, and some PNB employees say the new roof, which is still under construction, will only cause further damage to the building.
“This is going to be the biggest, most expensive project in our bank building history,” said Wurmann.
“It will cost billions and billions of dollars to fix it, but we’re going to get this done.”
A new roof was installed in the PNB Building on January 25, 2018, as part of the $1 billion Federal Investment Bank’s (FIB) $2.8 billion renovation.
The Federal Government awarded $1,945,000 to the bank to complete the work.PNC has made a name for itself in the building since its opening in 2000, with more than 7,500 jobs, including more than 10,000 in its financial services group.
Wurmans job at the bank is to help build the bank’s infrastructure to improve operations and the bank will use $500 million of the funds for projects that include new elevators, new floors and more.
In 2017, the bank invested more than $100 million in a $4.5 billion renovation to the Bank of American building in downtown Philadelphia.
It is expected to cost about $10 billion.
The project was part of an investment program that also included $1 million to rebuild the PAB building in Chicago.
The PNC building in the heart of downtown Philadelphia has been a frequent target for vandalism, which has led to many buildings collapsing.
Wurtman said the roof will need to be repaired to ensure it is stable.
“This is the most expensive roof in our building history and it’s going to cost billions to fix,” he said.
The renovation of the Bank Building will also include an $80 million project to improve the building for the 2020 Olympics.
The bank said the project is expected complete by 2020.
Pnc has also recently been dealing with issues related to the roof.
In 2016, a roof leak damaged the building and forced the bank and a contractor to temporarily relocate to a new location in New Jersey.
The bank’s headquarters also has been in the news lately.
In December, a leak forced the Bank to temporarily close.
The company is currently working on a temporary replacement.
“As the result of a structural integrity issue, the new PNC Building on West Street will need significant repairs,” the bank said in a statement at the time.
“The PNB building is also currently undergoing a structural upgrade, which will require significant additional capital investment.”
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