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Neiman to Open New Philadelphia Office with Move Into Former KYW Studios in Premier Walnut Str

Ad agency will continue legendary storytelling tradition at 1619 Walnut Street, home of iconic broadcasters' Mike Douglas and Ernie Kovacs

PHILADELPHIA, PA — (MARCH 15, 2010) — Neiman is about to grow its presence in Philadelphia in a big way. The full service advertising, public relations and digital agency with offices in Philadelphia and Harrisburg, recently signed a full floor lease totaling 5,100 square feet in the iconic building at 1619 Walnut Street. The agency's move from its current location in Old City to the Rittenhouse Row retail district will help shape the future of advertising in Philadelphia and coincides with a dramatic facelift to the legendary building.

Neiman's physical growth reflects its expanding Philadelphia-area client roster, to which Dietz & Watson, Sunoco and Villanova University were recently added. The agency will move into the new space this summer and will work to carry out the building's history of excellence.

"1619 Walnut Street not only is in the heart of the City's premier retail district," said Neiman CEO Tim Reeves. "It also is an American media landmark. Our clients and colleagues will walk through the same doors as some of the nation's most iconic entertainment, media and political figures, from John Lennon and Roger Ailes to Martin Luther King, Jr. and Richard Nixon. We will seek to create the next chapters of the great American storytelling tradition that began here more than a half century ago."

When searching for a new location, 1619 Walnut Street became a front runner for Neiman not only for its desirable location, but for its rich storytelling history. Built in 1937, 1619 Walnut Street was once a recording and broadcast studio occupied by Westinghouse Broadcasting and later CBS affiliate KYW-TV. National TV classics like The Mike Douglas Show and The Ernie Kovacs Show were broadcast from 1619 Walnut Street.

"Philadelphia has long been blessed with outstanding advertising agencies," said Neiman founder and Chairman Steven Neiman. "It's an ad community I've been eager to be part of for 30 years. So when we opened our first Philadelphia office several years ago it was the fulfillment of many dreams and aspirations. This next move to 1619 Walnut Street is a signal that our dreams have been realized. With Sunoco, Dietz & Watson and Villanova University already on board, Neiman now is poised to become a major player in Philadelphia's ad scene."

Vesper Property Group, Ltd. (Vesper), a private real estate economic firm based in the Philadelphia region, has launched a massive renovation project for the 39,305 square foot mixed-use office and retail building. Neiman signed on as the first tenant for the revamped building, as Vesper repositions the building to attract additional high profile national and regional tenants to Philadelphia's premier retail, dining and shopping district. The location offers up to two floors of retail space totaling 13,000 square feet, the largest and most adaptable retail space in the Rittenhouse Row shopping district. In addition, the building has three floors of office space currently available totaling 15,300 square feet.

"The renovation of 1619 Walnut Street will spearhead a revitalization of the most prominent shopping district in the city," said Gary Silvi, President of Vesper Property Group. "The building upgrades have already attracted a great fit in Neiman, which will undoubtedly carry on 1619 Walnut Street's tradition of fostering creativity. With Neiman on board and the Apple Store set to open on the same block as 1619, we are now looking forward to attracting a national retail tenant."

The building upgrades, which will include a dramatic new glass façade and all new building systems, will be led by internationally acclaimed architecture firm Bohlin Cywinski Jackson in collaboration with Wulff Architects, and are scheduled for completion in September 2010. Plans for the exterior include the installation of a two-story glass retail show-window that will offer maximum visibility from the street and drive increased foot traffic to the space. The windowless black granite paneling on the three office floors above will be replaced with a sleek new façade with glass windows to significantly enhance the quality of space. The design will maintain the integrity of buildings of its era while complementing the modern store fronts that align Walnut Street.

Vesper Property Group acquired the property in December 2007, and immediately began Phase One of a capital improvements campaign to modernize the building and restore it to prominence.

About Vesper Property Group

Vesper Property Group is a private real estate investment firm based in the Philadelphia area. For over 25 years, Vesper Property Group and its affiliate companies have acquired and developed real estate investments and properties that have provided outstanding returns through value added investments in the Mid-Atlantic Region. For more information, please visit www.vesperpg.com.