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‘Serious interest’ in mostly vacant former PSECU building

The former headquarters of the Pennsylvania State Employees Credit Union remains on the block, though it is still being used as leased space.

In fact, the Susquehanna Township-based credit union is using part of the 180,000-square-foot building next to the campus of Harrisburg Area Community College. The space houses a retail branch and the credit union’s investments division.

That division is growing quickly enough that PSECU President Greg Smith said the credit union plans about $250,000 worth of renovations to the building in 2016 just for the investments division. The division will move to the building’s second floor while work is underway, Smith said.

“It’s a division where image is really important,” he said. “We wanted to make sure to make the right impression.”

The credit union relocated its headquarters at the start of 2014 to a $74 million building about a half-mile east on Elmerton Avenue. The former headquarters has been on the block ever since. It opened for sale at $9 million, but the price has dropped to $7.9 million, according to real estate listings.

Currently, the credit union leases available space in the building to outside companies, though the space is vacant now.

Harsco Corp. had used the building in 2014 and 2015 while its Wormleysburg headquarters was undergoing renovation. It has since moved out. Long-term tenant the U.S. Department of Agriculture recently moved to Swatara Township, Smith said.

But Smith said there is a pending deal for an outside company to lease 30,000 square feet of the building for between 14 to 18 months. He declined to comment on the deal because it hasn’t been completed yet, but said it could be done as soon as February.

Smith also said the credit union has been negotiating with a possible buyer for about six months. The buyer has shown “pretty serious interest,” he added.

Given the building’s proximity to HACC, Smith said there have been discussions between the college and the credit union, but nothing ever came of them.

“We could just really never come to a resolution,” Smith said.

PSECU is the largest credit union in Pennsylvania, with about $4.4 billion in assets.

Michael Sadowski

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