8C — October 14 - 27, 2016 — Southeastern PA — M id A tlantic Real Estate Journal
www.marejournal.com
S outheastern PA
By Chris Barnett Owner’s vow to improve 1515 Market St., raised occupancy 10 Points in 18 months P did exactly that.” leases totaling another 10,000 s/f are out for signature.
evidenced by capital improve- ments already completed and planned,” said Keli Wallace, senior property manager for Accesso Services, the owner’s property management subsid- iary. Recent new tenants include Sage Acquisitions, a real estate law and asset management firm, the law firm of Steven L. Chung Esq., McMahon Engi- neering, GZA Geoenvironmen- talists, HDR Engineers and Architects and law firmManley Deas Kochalski. Law firms Brainard Partners and Walker Nell renewed their leases. Law
firms Litchfield Cavo; O’Brien, Rulis and Bochicchio; Wade, Clark Mulcahy; Legal Search and R-T Specialty, a service pro- vider for insurance agents and brokers, expanded their offices. Alex Breitmayer, senior as- sociate with JLL’s Philadelphia office and 1515’s leasing agent along with Joshua Sloan and DrewMcGowan, said “Philadel- phia has been a sharply growing and improving office market in the last four to five years. To enter and compete here, Accesso realized it would have to put the right amount of capital into the right improvements and they
HILADELPHIA, PA — When Accesso Part- ners, LLC acquired 1515 Market St. in December 2014 for $85 million, it pledged to im- prove the 20-story, 502,000 s/f office tower that houses Temple University’s Center City cam- pus and dozens of professional service firms. Accesso, chosen from 100 po- tential buyers, kept its promise, made significant improvements and has raised occupancy from 82% to 92.3% in the past 18 months. Some 47,081 s/f of of- fice space leases were executed in the first half of this year and
Various “spec suites” with stylish finishes were recently built out with one immediately leased to Formcraft Interiors, an architectural firm. Wallace contends that 1515 Market’s location has long been a “magnet” for attorneys, legal and professional service firms. “We have 29 law firm tenants and the Administrative Office of the Pennsylvania Supreme Court. We’re right across the street fromCity Hall so lawyers can easily make court appear- ances or have meetings with judges and city officials. Our proximity to public transporta- tion makes it easier for clients to visit their offices.” Attorney Steven I. Chung, whose personal injury law firm is headquartered in the build- ing, told Mid Atlantic Real Es- tate Journal he echoed Wallace. “We like the building because it is across the street from the courts, close to public transpor- tation including busses, subway and regional rail to the suburbs. “Plus, the building itself is well maintained and continu- ally improved. Management and security are a pleasure to deal with,” he added. The City Center location is also a major time saver for Chung who moved into Phila- delphia. “I commuted an hour and 20 minutes each way from suburban Collegeville. Now I walk to work and I’m always bumping into other lawyers I deal with professionally.” Julianne Farber Johnson, chief operating officer of the law firm Ricci Tyrrell Johnson & Grey, said “building man- agement is always pleasant to deal with and responsive to our needs, questions and concerns. “The convenient Center City location, directly across from City Hall, is a beautiful back- drop, “ she adds, “and our office windows facing East have one of the city’s loveliest views of Philadelphia’s distinctive ar- chitecture.” 1515’s largest tenant, ac- counting for 130,000 s/f , has developed a strong relation- ship with the building owner. Temple University, which occupies the first five full floors and part of the ground floor, has invested $3 million in improvements to its space and another $500,000 into new classroom technology, said Bill Parshall, director of the Center City campus. n
The Hallandale, FL real es- tate investment manager added a 9th floor conference center as an exclusive amenity for ten- ants free of charge. The lobby, elevator cabs, the underground concourse entrance leading to SEPTA, common corridors and bathrooms have been upgraded. Elevators at the property are being modernized and aesthetic changes are underway. “Accesso is a serious owner and the first in a long time to actually make substantial in- vestments in this building as
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