Erie Insurance closes on $10.2 million purchase of Highmark building
December 21, 2024
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Bạn đang xem: Erie Insurance closes on $10.2 million purchase of Highmark building
Hear from Erie Insurance Chairman Thomas Hagen as he is honored by friends at the Bayfront Convention Center in Erie
Greg Wohlford, Erie Times-News
Erie’s 717 State St., a six-floor office building that has served as the regional office of Highmark, has a new owner.
Erie Insurance, which has leased space in the building for a number of years, finalized a deal earlier this week to purchase the 118,999-square-foot building for $10.2 million.
The deed transfer was recorded in documents on file at the Erie County Courthouse and was confirmed by Matthew Cummings, spokesman for Erie Insurance.
Why is Erie Insurance buying the building?
Cummings said the previous owner of the building, listed on court documents as Josephine Covelli, trustee, approached Erie Insurance about its possible interest in buying the building.
“We already occupy three floors of that building,” Cummings said. “The acquisition made sense due to the adjacency to our campus and the fact that we have been leasing there for years.”
Will existing tenants be asked to leave?
He said all current tenants, which include a field office for the Social Security administration, will remain in place.
Cummings said there are no immediate plans for changes.
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“We take a very long-term view of the property and any future home office campus needs,” he said. “We have been in downtown Erie for nearly 100 years and we look forward to the next century.”
The purchase of the State Street building follows by three years the company’s dedication of the new $147 million Thomas B. Hagen Building, located just east of Perry Square. Extensive renovations are also underway at the company’s headquarters located just north of the Hagen building.
The State Street building, a portion of which was used for a time as the home of the Erie Innovation District, was built in 1971, according to Erie County records.
The property tax bill for the property is $135,846.
Contact Jim Martin at [email protected].
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