Pennsylvania State Agency Portfolio
9 Property Portfolio, 100% Leased to Commonwealth of Pennsylvania
Marketing description
CBRE has been exclusively retained to sell the Pennsylvania State Agency Portfolio (“The Portfolio”), an outstanding opportunity to own a strategically positioned 9-building portfolio located throughout Western and Central Pennsylvania. The Portfolio consists of a total of 147,427 SF and is 100% leased to the Commonwealth of Pennsylvania, through the Pennsylvania Department of General Services (“DGS”) with tenants including Department of Human Services, Department of Revenue, Department of Labor & Industry, and Pennsylvania State Police. The Pennsylvania Department of General Services is an independent agency of the Commonwealth of Pennsylvania, established in 1975 to help government operate more efficiently, effectively, and safely while delivering exceptional value for Pennsylvania citizens. With over 900 dedicated professionals, DGS provides shared services to support the business operations of all government agencies of the Commonwealth of Pennsylvania. The DGS continues to show longterm commitment to established locations for their agencies and exercises most lease renewals.
The properties within the Portfolio are strategically located through Western and Central Pennsylvania in cities including Uniontown, Meadville, Harrisburg, Erie, Woodland, Girard, Lewistown, and Washington. The tenants continue to renew their leases and show commitment to these locations, with an in-place weighted average length of tenancy of 34.4 years.
Investment highlights
100% Leased Portfolio to the Commonwealth of Pennsylvania
High Grade Credit Rated Tenant (Fitch: AA-, Moody’s: Aa2)
Long-Term Commitment to Locations with 34.4 Years In-Place Average Length of Tenancy
Highly Diversified Tenants by Different State Agencies
Portfolio Offered at $79/SF; Below Replacement Cost
Strong In-Place Cash Flow with High Probability of Lease Renewals
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