As the front door to Malden Center gets a new look with redevelopment of the government center complex, Boston-based Berkeley Investments is positioning a nearby commercial property as a destination for office and data center tenants.

Interior demolition is taking place at Exchange 200, a four-story, 315,000-square-foot building most recently occupied by Bank of America. Berkeley acquired the property for $21.7 million in April 2016.

Located across from the MBTA’s Malden Center station, the complex was completed in 1984 for New England Merchants National Bank and recently served as a disaster recovery center for Bank of America, which vacated the property in October.

With its 80,000-square-foot floor plates, Exchange 200 lends itself to a combination of open-format office space and data operations, said Gabe Cole, a managing director at JLL which represents ownership in leasing 60,000 square feet of data center and critical operations space in the building core.

Berkeley chose to retain the data center portion and upgrade the building’s electrical service because there’s limited competition in the region, Cole said.

“Boston has not been a particularly strong data center market for the last several years, primarily because of the cost of power,” he said. “But as a result, there hasn’t been much new product on the map.”

Berkeley is betting that approximately 200,000 square feet of open-format office and R&D space will appeal to companies looking for a transit-friendly location on the northern section of the MBTA’s Orange Line, where the class A office market has expanded following the completion of the Partners Healthcare headquarters and 450 Artisan Way at Somerville’s Assembly Row. The Malden Center station has a daily ridership of nearly 13,000, and a multifamily building boom is adding more than 700 downtown apartments.

To appeal to office tenants, Berkeley is installing a two-story light well in the center of the building, new floor-to-ceiling windows on parts of the exterior, a new two-story lobby and amenities including a fitness center and bike storage. Newmark Knight Frank represents ownership in the office leasing and 16,000 square feet of ground-floor retail and restaurant space.

200 Exchange’s heavy floor loads also have the potential to accommodate lab, medical research and robotics uses, Cole said.