Slated for Future Multifamily Redevelopment in Resurgent Center City Wilkes-Barre
15 South Franklin Street, a stately high rise seemingly at the center of everything “Wilkes-Barre” – the River Common, both Kings College and Wilkes University, and the central business district of Public Square - has just traded hands in an investment sale arranged by Jeff Algatt and John Susanin of Colliers International.
The transaction was between a group of private investors based in Wilkes-Barre and Franklin Downtown LLC of Somerset, New Jersey.
The landmark property was built circa 1920 and continuously occupied as office space since. The 50,000 square foot, ten story office building features an adjoining off-street gated parking lot. Since 1954 the building has served as the headquarters to prominent law firm Rosenn, Jenkins & Greenwald who will be relocating to Cross Creek Pointe at 1065 Route 315 in Plains Township.
Future plans for the property include conversion to apartments or condos and possibly commercial and office space.
Wilkes-Barre has been enjoying a residential resurgence fueled by respectable downtown commerce and a marked increase in the number of young college graduates settling in Wilkes-Barre – a number that has doubled during the past five years. 15 South Franklin Street neighbors, the PNC and Citizens Bank Buildings, have both recently undergone a successful residential conversions to “Riverview West” and “The Bank” respectively.
15 S Franklin Street is located in a qualified federal opportunity zone.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliersor LinkedIn.
