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Harrisburg government building sold for $20.5M to undisclosed buyer

Justin Henry//July 24, 2020//

Harrisburg government building sold for $20.5M to undisclosed buyer

Justin Henry//July 24, 2020//

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The three-story building at 1171 S. Cameron St., occupied by government agencies, has been sold for $20.5 million, officials representing the seller announced. PHOTO/PROVIDED

 

Building operator Olcam Corporation sold its 1171 S. Cameron St. office to an undisclosed investment management company, according to an announcement from the Los Angeles-based real estate and investment firm who arranged the deal, CBRE Group.

The three-story, 121,518-square-foot office building houses three state agencies — Bureau of Disability, Bureau of Workman’s Compensation and State Workers’ Insurance fund.

Olcam Corporation has invested more than $700,000 in capital improvements over the last five years, including a new boiler, heat pump, cosmetic updates and upgrades that company officials say will help tenants reopen safely amid the COVID-19 pandemic.

“[Olcam’s] personal relationships and hands-on property management approach with the tenant has served them well,” said Patrick McCabe, CBRE vice president and member of the team that represented Olcam. “Even as the sales process evolved, Olcam was performing last-minute upgrades to the facility to assist the tenant in reopening the office safely.”

Michael Shover, senior vice president of CBRE and member of the team that represented Olcam, said marketing efforts for the property began before the coronavirus pandemic reached the United States. Feedback from potential buyers was competitive as the buyer pool was “highly focused on government-leased buildings,” Shover said.

“We had selected the buyer prior to the height of the pandemic and their focus and determination to close stayed consistent throughout the process,” Shover said. “Each challenge was addressed with a cooperative spirit from both parties and ultimately a successful outcome.”