WILKES-BARRE, PENNSYLVANIA, June 23, 2022 – Colliers is pleased to announce Jeff Algatt, Senior Vice President, recently completed the investment sale of 2 Public Square, a six-floor, 98,555 multi-tenant office building at 1 W Market Street as exclusive listing agent on behalf of the locally based, private capital Seller.
This 99% leased architectural gem occupies an important corner on Public Square, the hub of downtown Wilkes-Barre. With a long record of high occupancy by strong tenants, the property is well maintained, noted for its historical significance, and recognized as a successful conversion to prime office space. Principal tenants include the northeast regional office of the Pennsylvania Department of Environmental Protection, and Luzerne County Community College.
Algatt notes, “The inventory of office space in the Wilkes-Barre CBD market continues to decline as older stock is removed as obsolete or for conversion to other uses, such as residential. Also, no competitive new office construction is underway or planned in Center City Wilkes-Barre. This supports occupancy and stable rents for well located, functional and professionally maintained office buildings surrounded by the right amenities, like this asset.”
He described the Purchaser as an established group of high-net worth individuals based in the Midwestern US who continue to grow its portfolio of state government-leased office buildings.
The property traded for $10,300,000 at a 9.8% cap rate.
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