Prior to Amerimar's acquisition and management in 1992, 1528 Walnut was losing tenants, physically deteriorating and in financial distress. Upon assuming management, Amerimar implemented a $10 million program that included capital for tenant improvements, as well as significant building renovations. These renovations included corridor and bathroom improvements, improved fire and safety systems, improved HVAC systems, upgraded interior and mechanical systems of the elevators, installation of new windows, replacement of the electrical system and refurbishment of both the exterior and the lobby of the building. At a time when the Philadelphia office absorption rate was negative, an aggressive leasing campaign was started which successfully took the building from 44% effective occupancy to approximately 95%. The property was the recipient of the Philadelphia Business Journal's Building of the year award in 1994, and became recognized in its market for its responsive, tenant-oriented ownership.