Easton, PA - Hearst Magazines & Scalarworks

Description:

Heritage Riverview Building | Brand New Renovation | Complete Transformation | Class “A” Office | 200+ Jobs | 10-Year LERTA Tax Abatement
• Formerly known as Heritage Lanes Building, Heritage Riverview has been around for more than 100 years
• Once a car dealership then a bowling alley, Heritage Riverview has undergone an extensive renovation that includes high level finishes and distinct design elements that utilizes original walls and industrial style
• Originally a 21,000 SF single-story building Heritage Riverview is now a two-story 61,000 SF (GSF) Class “A” office building with a completely upgraded underground garage that includes 30 spaces
• This re-development project has brought in more than 200 jobs, an integral part of the city’s renaissance
• The property has a 10-year LERTA tax abatement, a benefit that flows to the tenants through reduced CAM
Two-Tenant Building | Brand New Leases | Strong Tenant Lineup | Scheduled Rental Increases | Options To Extend
• Opportunity to purchase the historical two-tenant building that is 100%occupied
• Hearst Magazines is a leading media company with more than 360 businesses and is known for popular magazines such as Cosmopolitan, Men’s & Women’s Health, Esquire, and more
• Hearst recently executed a brand-new 10-year lease with 1 (5-year) option to extend, occupying the first floor that consists of office as well as a museum
• Scalarworks designs and manufactures high-performance sighting systems and signed a 10-year lease with 2 (5-year) options to extend
• Each lease features scheduled rental increases throughout the initial terms and options to extend, generating NOI and hedging against inflation

Downtown Easton | Historic District | Centrally Located | Pennsylvania-New Jersey Border
• Heritage Riverview is in Downtown Easton, a full-service city that constantly strives to better the residents and visitors
• The asset is positioned within the Easton Historic District, a national historic district which includes approximately 405 buildings primarily built between 1830 and 1910
• Centrally located and roughly 70 miles from Philadelphia and New York City
• Situated on the Lehigh River which converts into the Delaware River, serving as the Pennsylvania and New Jersey border
Strong Demographics in 5-Mile Trade Area
• More than 118,000 residents and 44,000 employees support the trade area
• Features an average household income of $92,359