The JV acquired the building at Walnut and 15th Street in 2000and has made significant capital improvements since then. Theoriginal 22-story structure was completed in 1926, and a second,20-story structure and four-story parking garage were added in1965. Seamless floor plates connect the two towers on floors onethrough 20, and each of the connected floors contains about 13,000rentable sf.

In all, the property contains a total of 326,000 sf of rentablearea, which includes approximately 260,000 sf of office space,12,000 sf of ground-floor retail space, and a 54,000-sf, 160-spaceattached parking garage. The largest and most notable ground-floorretail tenant is Striped Bass restaurant, which opened in 1994 andranks among Philadelphia's finest. Among the office tenants areRosemont College@Philadelphia, Beyond Books, Dance Advance andseveral law firms, professional service firms and nonprofits.

New York-based Sonnenblick-Goldman Co., represented the sellersin the transaction. Andrew Oliver, managing director and principalof Sonnenblick-Goldman, says, "1500 Walnut St. generated tremendousinterest from investors, which demonstrates continued strong demandfor well-located Center City Philadelphia office buildings."