HAGERSTOWN, MD-The Washington County Board of Education has acquired the former Allegheny Energy Corporate headquarters here for $5.5 million. The 144,000-square foot, four-story building and 44-acre campus was sold by Vinayaka Missions America University, of Salem, India. Sperry Van Ness – Miller Commercial Real Estate's Syd Machat represented the seller.

The Washington County Board of Education is planning a $6.5 million renovation to the building, after which the building will house the School Board's new administrative offices. In addition, the surplus land may accommodate a proposed public school in the future.

The building has the advantage of being located close to three fiber optic providers, a major global advanced communications firm and a $68 million data recovery center.

The education sector is becoming a valued tenant in traditional real estate asset classes, such as offices or warehouses that have been repurposed.

Another example, also in Hagerstown, can be seen in Chelsea School's recent lease for 24,000 square feet at Prince George's Station. The school is moving into new office space that will be converted into school rooms, with direct elevator access and an outdoor play court.