Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of the Federal Building, a 251,179-square foot office property located in Harrisburg, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office and Pennsylvania broker of record. The asset sold for $13,130,000.
“This is one of the most meticulous transactions we have ever worked on due to the nature of working with the GSA and the federal government. It was a pleasure to work with the tenants and buyers of the building, and we are looking forward to seeing his vision becoming a reality, while improving the downtown district of Harrisburg,” said Mher Vartanian, vice president investments.
Craig Dunkle, Jackson Day, and Mher Vartanian of Marcus & Millichap’s Philadelphia office had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Craig Dunkle and Mher Vartanian.
“From the initial phases of marketing this property, we were very involved in the overhaul of designing and planning the repositioning of this property to condominiums and residential apartments. We worked through, planned, and designed with this mixed-use developer and are continuing to work with this developer post-closing to make this vision come to fruition for the client. We are thrilled to see this project coming to life,” said Dunkle, senior vice president investments.
The Federal Building is located at 228 Walnut St. in Harrisburg, PA. The surrounding area, near Philadelphia, Pittsburgh, and Lehigh Valley, positions the market as a major inland port and logistics hub. Additionally, the area is home to a diversifying economy with locally operating companies including IBM and Hershey.
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
