1550 Pond Road is a current example of Franklin’s continuing strategy to acquire distressed assets at a fraction of their replacement cost. This three story, 145,000 square foot Class “A” office building is located in a highly desirable suburban Allentown office location. The building was purchased in April of 2013 out of receivership and was 58% leased at the time. Lead tenants included Aetna, Morgan Stanley and Creditsafe.
Within six months of purchase Franklin had completed a major capital improvement program to reposition the building to its former “Institutional Quality” status. Improvements include repainting of the building’s exterior, new landscaping around the building, installation of a new illuminated sign, redesigned project landscaping to refresh and increase building visibility, conversion of outdoor lighting to LED fixtures and renovations in the Annex Building that included a new lobby and complete retrofit of the third floor.
Additional improvements include main lobby renovation and creation of a new entrance courtyard including the installation of a canopy over the main entrance.
As a result of these capital improvements, Franklin attracted three additional quality tenants, including Paychex, de maximis, Inc. Inc. and Micro Photonics totaling in excess of 25,000 square feet bringing occupancy to 74%.