The building at 355 Independence Ave. has frontage along thePennsylvania Turnpike and is fully leased for the next three yearsat 5% below the current market rate. Calls to confirm the leaserate were not returned by press time. However, according toGlobeSt.com research, the current tenants' rental rates are about$4 per sf.

The tenants are Harrisburg, PA-based Tyco Electronics Corp. andPittsburgh-based Genco Distribution System. The latter also leasesspace near Harrisburg from Keystone.

John B. Begier, Keystone's executive vice president and chiefinvestment officer, calls the property "an excellent complement toour Central Pennsylvania portfolio," citing in a statement its"institutional quality" and its location along the turnpike.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.