X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CENTER CITY, PA-Four new leases were signed at 1500 Walnut as tenants are receiving something everybody would like: free rent. The 325,000-sf, 22-story twin tower office building signed 9,303 sf worth of new tenants using gratis and capital improvements to win over smaller businesses.

Joseph Muldoon, senior vice president of Binswanger, represented both the landlord and a majority of the tenants. Muldoon was only available for a quick comment, but mentioned he and his associates are reveling in their success.

“We’re continuing to get deals done and that’s because of all the improvements we’ve made and we’re offering free rent,” Muldoon tells GlobeSt.com. If a tenant signs a five-year lease with 1500 Walnut, the tenant receives six-months free rent. “We’re not offering it much longer as we’re rapidly approaching 90% occupancy rate.”

Robert H. Wise Management Inc. took 3,665 sf; Hurley, Francis & Associates took 2,032 sf; and the Community Voter project took 600 sf. Opportunities Industrialization Centers International Inc. was represented by Colliers and leased 3,006 sf.

The typical floor size is 14,553 sf, and the higher floors offer panoramic views of the city. Taking rent at 1500 Walnut is $19.50 plus electric, which Muldoon said in the past was “an attractive number in this market.”

The Center City building is graded class B because of its age, but the ownership has invested $8 million in capital improvements for a new façade, a new updated HVAC system, six high-speed elevators, renovated restrooms, lobby and common areas. The building also features a covered garage with 160 parking spaces. Muldoon earlier described the building as catering to smaller “boutique” tenant.

“I mean, what’s not to like about new heating, bathrooms and elevators? The neat thing about these old buildings is that when they are fixed up they are just as nice, and more unique than the new ones,” Muldoon told GlobeSt.com in early May.

1500 Walnut is near commuter rail systems such as the Broad Street Subway, Market-Frankford Line, the Regional Rail system and the PATCO Hi-Speedline.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.