An Allentown, Pa. Office tower has sold for $83 million. On Thursday, Jones Lang LaSalle announced the sale of 835 West Hamilton Street, also known as the Plaza at PPL Center. The buyer was The Plaza at 835 W. Hamilton LP, which is a group of international investors. Liberty Property Trust, a listed office REIT, sold the tower to the investor group.
“The Plaza at PPL Center is the premier office building between Philadelphia and Pittsburgh,” says Mark DeRiemer, managing director at Jones Lang LaSalle. His firm represented the seller.
DeRiemer says that the property lured broad range of interest from private and institutional buyers from all over the country. The sale price of more than $325 per sq. ft. is also aggressive for an office building located in eastern Pennsylvania and not in Philadelphia.
The sale of the property also includes a 1,109-space parking garage. According to the Jones Lang LaSalle, the property was 85% leased at the time of sale.