The asset consists of two buildings, one five stories tall and the other two stories, which are connected by a landscaped courtyard. A multi-story indoor garage is adjacent the building, which is 85% occupied. Among the tenants are Paper Magic, which is a national greeting card company, and Nabi Pharmaceuticals, along with numerous legal, medical, dental service firms.
The identity of the seller, which has owned the 27-year-old building for the past 25 years, is undisclosed. Douglas G. Joseph of the Wayne office of CB Richard Ellis brokered the transaction.
The Herrick spokesman says Scranton's downtown has experienced recent growth, including the new indoor Steamtown Mall, new upscale hotels and court, federal and state office buildings, all of which are within easy access of Scranton Center. "Talk of a high-speed rail system connecting New York City and downtown Scranton has also piqued interest for outside investors in the city's real estate market," he adds.
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