Paul Schwedelson Reporter - Philadelphia Business Journal
Penn State's building at 1101 Kitty Hawk Ave. is up for sale. It was built in 2015 and has 26,709 square feet.
Penn State University has listed two Philadelphia Navy Yard buildings totaling 65,057 square feet for sale as the school relocates remaining offices at the locations elsewhere.
The buildings had been used for academic programming, research, startup incubator space and events. Those uses have already moved out while some administrative offices remain but will also eventually relocate.
Penn State spokesperson Wyatt DuBois said the school is selling the properties because they have been underused. Penn State is still planning where the administrative offices will move, he said.
The pair of two-story buildings for sale are at 4960 S. 12th St., also known as Building 661, and 1101 Kitty Hawk Ave., or Building 7R. The two buildings face each other with South 12th Street in between. League Island Park is just north of Building 7R and the Delaware River is two blocks to the south.They could be sold together or separately, said CBRE broker Robert Fahey, who has the listing.
Either way, Penn State is looking for a combined $20 million for the buildings, Fahey said.
Building 661 was built in 1942, renovated in 2014 and has 38,348 square feet. Building 7R was built in 2015 and has 26,709 square feet. Both are in a CMX-3 zone, which allows for office, life sciences, medical office, industrial, multifamily and retail. The two buildings will be fully vacant once sold.
“They’re both very adaptable to a series of potential uses that fit in very well in that innovation system that’s thriving in the Navy Yard,” Fahey said.
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