Sunday, December 10, 2006

PPL Energy HQ in Allentown, PA Sold for $83 Million

The Morning Call - December 8, 2006

A syndicate of domestic and foreign investors led by a New York City-based investment group has purchased the eight-story Plaza at PPL Center from the Malvern, Chester County-based Liberty Property Trust.

Completed in 2003 at a cost of $60 million, the award-winning, environmentally friendly green building at Ninth and Hamilton streets is on the site of the former Hess's Department Store and is still an anchor of the city's commercial district.

Mark DeRiemer, managing director of New York capital markets for Liberty Property Trust's broker, Jones Lang LaSalle, said he could not provide additional information about the investment group at this time. PPL's lease extends to 2018 with two 10-year renewal options.

Allentown Mayor Ed Pawlowski said he was encouraged by the sale price of the building, which he said demonstrates a $23 million gain in value in three years. The building is in a Keystone Opportunity Zone, exempting the building and its tenants from most state and local taxes until 2011.

DeRiemer, of Jones, Lang, LaSalle, said the Plaza building was attractive as an investment because it has a long-term lease with a high-quality tenant and is one of the premier buildings in the Lehigh Valley. Sphere: Related Content

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