1500 Spring Garden Street Signs Lease with North American Publishing Company

(Philadelphia, PA) December 4, 2004 -- Amerimar Enterprises, Inc. today announced that North American Publishing Company (NAPCO) has signed a 20-year lease for 42,036 square feet of office space at 1500 Spring Garden in Philadelphia. NAPCO, whose Philadelphia headquarters are located at 401 North Broad Street, will be using the Spring Garden address to relocate its entire Philadelphia headquarters facility.

Andrew Bleznak, Vice President of Amerimar Enterprises, Inc., stated that "the decision by NAPCO to relocate its Philadelphia headquarters operation to 1500 Spring Garden further validates the project's ability to provide tremendous value to a variety of tenants in one of Philadelphia's newest and most extensive office renovations. Representing the third tenant to occupy 1500 Spring Garden, NAPCO will occupy the entire 12th floor of the building and join Independence Blue Cross and OneBeacon Insurance Company. This will bring the total occupancy of the project to over 170,000 square feet. With the size of the building totaling 1,080,000 square feet, approximately 900,000 square feet remain available. Several other office and retail prospects are interested in 1500 Spring Garden at this time. NAPCO's decision to locate to the project was driven by the building's excellent efficiencies, tremendous new infrastructure such as redundant and reliable electrical power, and a platform to provide a unique and creative work environment."

Gerald M. Marshall, President & Chief Executive Officer of Amerimar Enterprises, Inc., added that "with NAPCO's move to 1500 Spring Garden, our next phase of construction will commence which will total over $5 million. We are currently nearing the completion of approximately $16 million in construction in order to permit the occupancy of OneBeacon Insurance Company and prepare other portions of the building for future tenants.

"The continued leasing activity at 1500 Spring Garden, coupled with the boom in new residential development in the area and the 1,500 Philadelphia School District employees locating next door to 440 North Broad Street, has led to increased activity from quality retail tenants. We are offering over 10,000 square feet of available retail space along Spring Garden Street in order to enhance the amenity base for the occupants of the building. In fact, we are actively pursuing two deals with well known food retailers. Other amenities we will provide by the end of this year include a building shuttle bus service which will permit convenient access to public transportation, an ATM machine and a new state-of-the-art security system. The addition of NAPCO to the project's tenant roster, combined with all of the significant developments underway in the surrounding area, will provide future tenants with the opportunity to be part of an exciting project in an emerging part of the city."

"We look forward to our relocation to 1500 Spring Garden," states Ned S. Borowsky, president of North American Publishing Company. "Having operated out of 401 North Broad since 1975,we are well aware of the many positive changes to and advantages of this area. Since we have many staff members who drive to work from virtually every direction, 1500 Spring Garden is ideal for quick access particularly during rush hour. We hope that 1500 Spring Garden becomes a center for media, marketing and other professional service companies who want the convenience of Center City without the hassles. Give us a call next May and we will be happy to give you a tour of our new facility."

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