COMPANY OVERVIEW
Philadephia, Pennsylvania
| Property Highlights | |
| Year Purchased: | 2000 |
| Year Sold: | 2007 |
| Square Footage: | 1,080,000 SF |
| Number of Floors: | 12 + PH |
| Link: | 1500 Spring Garden Website |
1500 Spring Garden is a 1.1 million square foot former pharmaceuticals manufacturing facility that has been redeveloped for office and telecommunications/data center use. The lower floors are 120,000+ square feet with heavy floor loads, high ceiling heights, ample shaft space, wide common corridors, expansive column spacing, and abundant electrical capacity through redundant systems. There is a great deal of ancillary space available on-site for backup generators, diesel tanks, chillers, satellite dishes and antennas. The tower section of the building has 40,000+ square foot floors. New insulated windows have been installed throughout the building. On-site amenities include ground floor retail and convenience services such as Dunkin Donuts, Quizno’s and Salad Works. There is also a cafeteria style restaurant and café for tenant use. Other amenities include: a 24-hour lobby attendant, underground parking, ATM, mail box and overnight courier drop-off boxes. A new investor was brought in at the end of 2007 after the original partnership had invested $100MM on improvements. Leasing activity has pushed the occupancy up to 79%. The rent roll includes prestigious tenants such as CBS Broadcasting, Independence Blue Cross, Day & Zimmermann Associates, OneBeacon Insurance, North American Publishing, and Granary Associates. Amerimar continues to manage the property and oversee leasing.