100 Pine St 100 Pine Street, Harrisburg, PA 17101

Property Description

The property consists of a +/- 98,520 SF office building on the corner of North Front Street and Pine Street as well as 137 parking space condo parcels in the adjacent building parking garage. The nine-story office building sits along the Susquehanna River and offers impressive views, especially from the surrounding veranda on the 9th floor, of Riverfront Park, City Island, FNB Field, Downtown Harrisburg, and the surrounding scenery of the Susquehanna Valley. The building was built in 1966, has 3 passenger elevators, a freight elevator, restrooms on each floor, a large street level lobby, and multiple secure private entrances. The property also includes rare on-site parking consisting of 178 covered spaces in all, 137 of which are the individual condo parcels in the adjacent property.

100 Pine Street is currently a corporate headquarter professional office building with each floorplate being approximately 11,000 SF in size. The street level first floor has primary entrances from N Front Street and Pine St leading to a formal lobby, and covered parking with ingress & egress on N River Street. The elevators, stairwells, and restrooms are centrally located on each floor with a mix of private offices, conference rooms, and open space making up the second through ninth floors. The ninth floor also features ribbon windows throughout the conference room and a covered veranda surrounding the building.

The Harrisburg office market maintains a vacancy rate well below the national average because of the proximity to major cities, affordable living costs, strong transportation infrastructure, supportive business environment, and the presence of Federal, State, and Local Government agencies, due to Harrisburg being the capital city of Pennsylvania.

The property is also an ideal candidate for redevelopment, potentially a conversion to residential use since Harrisburg remains an affordable alternative to most of the East Coast's and Pennsylvania's larger metros and was recently ranked as one of the best places to live in the U.S., according to U.S. News and World Report. Workforce housing projects dominate the Harrisburg multifamily landscape. Over 75% of its supply is rated 3 Star or lower, although some nodes closer to Downtown offer more modern supply, much of the emphasis is placed on the project's in-unit amenities. The parking space condo parcels bring added value to the property and are valued separately based on the ability to generate income independently from the building. For comparative analysis, the current rate for monthly parking in a neighboring parking garage is $230 per month for an unreserved space and $310 for a reserved space.