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325,000-SF Office Gets 33,590 SF of New Leases

PHILADELPHIA-Twin tower office building at 1500 Walnut in Center City leases 10% of total space this week with five new leases.

By Casey Freeman | Updated on May 09, 2008

PHILADELPHIA-Five leases worth a total of 33,590 sf were signed in the 325,000-sf, 22-story 1500 Walnut building in Center City Philadelphia. The building’s typical floor size is 14,553 sf. The building at 1500 Walnut, which is located near rail stations, is receiving $9 million-worth of capital improvements and has a 160-space parking garage underneath the building.

“The building caters to a smaller tenant, who would otherwise get lost in a bigger building,” Joseph Muldoon, senior vice president of Binswanger, who represented both the landlord and a majority of the tenants, tells GlobeSt.com.

Grubb & Ellis represented EDS Inc. who took 13,680 sf; Silva & Associates took 7,292 sf; PICA took 5,086 sf; James Jarret Schwartz represented by Perna Frederick Real Estate took 4,500 sf; and Hurley, Francis & Associates took 2,032 sf. Local veterinarian Adrian Alexandru who invests in real estate around the country, owns the building, which is his only office building in Philadelphia. Alexandru’s company is operated as 1500 Walnut Enterprises LLC.

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