Olde Liberty Square, a collection of four office properties at 4807-4815 Jonestown Road in Lower Paxton Township, Harrisburg, was purchased by a New York-based investment firm for $16 million.
Empire Liberty Square closed on the deal with owner Room One Corp. on Dec. 30, 2021.
Olde Liberty Square was built in 1991 and is made up of 61 fully leased office suites across four office buildings, totaling 102,522 square feet. Tenants of the property include health care professionals, attorneys, engineers, accountants, financial advisers and insurance companies.
The site includes 310 parking spaces and high visibility along Jonestown Road.
Empire Liberty Square is interested in expanding its portfolio of multi-tenant office buildings in Central and Southeastern Pennsylvania, and currently owns over 400,000 square feet of office space in the region, said Bo Mangam, associate broker at Landmark Commercial Realty.
“When investors look at this property, what attracts them is the vacancy rate, which is always very low,” said Mangam. “The type of tenants that stay there are there for a very long time, they like that customers can find them easily from I-81, I-83 and Route 322.”
Mangam represented the buyers and facilitated the transaction with Matt Wolf and Rob Holland of Kislak Realty, who exclusively listed the property for the sellers.
“The location and historic occupancy made this an attractive opportunity for investors,” said Wolf. “Central Pennsylvania continues to be a very popular destination for New York and New Jersey capital.”