PernaFrederick Extends Two Leases for 9,125 SF at 1608 Walnut Worth More Than $865,000

PHILADELPHIA, PA — PernaFrederick Commercial Real Estate has renewed two leases for approximately 9,125 square feet of office space at 1608 Walnut Street here that have a combined aggregate rental exceeding $865,000.

Joe Viturello, a vice president at PernaFrederick, brokered the renewal agreements for 1608 Walnut Street Associates, L.P., the private investment partnership that owns the 19-story 232,000 square foot building.

According to Viturello, the largest of the renewal agreements extended the occupancy on the 9th floor by the law firm of Diamond, Polsky & Bauer, PC and Alexander Pelli, LLC.  Todd Monahan, a broker with Jones Lang LaSalle, cooperated with PernaFrederick and represented the tenant in finalizing the renewal terms.  Aggregate rental of the renewal exceeds $639,000.

Diamond, Polsky & Bauer serves individuals and business clients from its offices in Media, Pennsylvania (Delaware County, in suburban Philadelphia) and also in Center City, Philadelphia. Its practice concentrates in the areas of estate planning, estate administration, tax planning, business law and real estate. The firm has been representing individuals and businesses since 1960.

In the second renewal, Viturello acted as the sole agent in arranging for dentist William A. Dodd, DMD, to continue the lease of some 1.935 square feet on the 16th floor of the building.  The aggregate value of that renewal exceeds $225,000, Viturello said.

Built in 1929, 1608 Walnut has been fully renovated in several capital improvement programs that have included modernized elevators, new elevator lobby decors, updated rest rooms, operable windows, tenant controlled heat pump HVAC and new common area finishes.