Harrisburg federal building sold again

Plans are still on to convert the Ronald Reagan Federal Building into apartments. (photo/submitted)

The Harrisburg federal building has changed hands after all.

  • Global Ocean Investments, which bought the 11-story building about a year ago for $10.01 million, has sold it for $13.13 million, according to Dauphin County deed records.
  • The buyer is 1422 Route 179 Florida Realty LLC., whose leader affirmed plans to convert the office tower at 228 Walnut St. into apartments.
  • “It’s going to take some time. It’s not an easy project,” said Yasser Helal, president of 1422 Route 179. “But I like the asset itself, I like the community.”

What plans: Global Ocean unveiled plans last year to convert the building into luxury apartments

  • But the firm — headed by a global entrepreneur from the Seychelles named Justin Etzin — also had been trying to sell the roughly 250,000 square-foot building in what the firm described as its standard business practice.
  • Global Ocean still has a stake in the building: The firm is lending $11.98 million to 1422 Route 179 Florida Realty, according to a mortgage recorded in Dauphin County.
  • “We are very pleased to be supporting the new owners in realizing this fantastic project in Harrisburg,” Etzin said in an emailed statement.

What’s next: Helal said he is still analyzing the roughly 250,000 square-foot building in advance of developing more detailed plans for a multifamily conversion.

  • Helal likes the concepts developed by Global Ocean. But, he added: “I want to make something that’s practical and aligns with the local community and culture.”
  • Helal said he did not plan to put the building back up for sale, as Global Ocean did soon after buying it last year.

What’s there: Federal workers are still in the building but are expecting to move out this spring, according to Will Powell, a spokesperson for the Government Services Administration.


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