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Vesper Acquires Historic MXD/Office

PHILADELPHIA-Vesper expects Walnut Street to start attracting such 'platinum' retailers as Tiffany's again as the demographics continue to shift.

By Erika Morphy | Updated on March 17, 2008

PHILADELPHIA-Vesper Property Group Ltd., a local private real estate investment firm has purchased 1619 Walnut St., a 39,305-sf mixed-use office building in the heart of the city’s retail district. According to a source, Vesper paid the Jirard Trust $7.1 million for the building.

Vesper has installed its leasing management team onsite to manage the 15,000 sf of office–the building is about 45% to 50% occupied–that is still available on the upper floors. Current tenants include famed Philadelphia restaurant Brasserie Perrier and local architecture firm Claflen Associates.

Gary Silvi, president of Vesper Property Group, tells GlobeSt.com that an extensive rehab will be made in improving the building’s lobby and public areas. The goal is to retrofit the building so it can serve as a boutique office or perhaps a mixed-use facility. The user Vesper has in mind would be a firm that does not need or want to be located in the city’s financial corridor but would prefer the smaller feel of a historic building located in a retail center.

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