CBRE Arranges Sale of Harrisburg Office Building Leased to PA State Government for $20.5 Million

24 Jul 2020

1171 S Cameron Street

CBRE today announced that it has arranged the sale of a 121,518 sq. ft. office building located at 1171 S. Cameron Street in Harrisburg, Pennsylvania. The buyer, an investment management company, acquired the three-story property for $20.5 million. Currently, the building is 100 percent occupied by three Pennsylvania State Government agencies: Bureau of Disability, Bureau of Workman’s Compensation and State Workers’ Insurance Fund. 

The CBRE team of Michael Shover, Patrick McCabe and Matthew Gorman represented the seller, Olcam Corporation, during the marketing and sales negotiations. 

“We were pleased to be selected as the exclusive sales agent on behalf of Olcam in this transaction. As a private investor, Olcam has retained the tenant at the property for over 30 years,” said McCabe. “Their personal relationships and hands on property management approach with the tenant has served them well. Even as the sales process evolved, Olcam was performing last minute upgrades to the facility to assist the tenant in reopening the office safely. Olcam wanted to assure the new buyer had as smooth a transition as possible into their new ownership role.”

“We started the marketing process pre-COVID-19 and received strong activity on the property,” added Shover. “Most of the buyer pool were highly focused on government leased buildings. We had selected the buyer, prior to the height of the pandemic and their focus and determination to close stayed consistent throughout the process. Each challenge was addressed with a cooperative spirit from both parties and ultimately a successful outcome”

Built in 1989, Olcam Corporation has invested more than $700,000 in capital improvements over the last five years including a new boiler, heat pump and fit-out cosmetic updates. 

Situated just off the Capital Beltway (I-83), 1171 S. Cameron Street is ideally located just 2.5 miles from downtown Harrisburg and surrounded by numerous office buildings and local businesses. The property sits on a large 3.72-acre parcel with 314 parking spaces and an additional 82 parking spaces located at 1000 S. Cameron Street. 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.