Chris Baj, CCIM Renews Lease and Increases Building Value by 35%

Chris Baj, CCIM

The Baj team consisting of Chris Baj, CCIM, CPA and Mia Baj of SVN | Imperial Realty have closed an office lease with a lease value of $1,707,860. Since this class B+ office building located in Lemoyne PA (just outside of Harrisburg) is for sale, the lease with the anchor tenant was key. Prior to the extension / modification of this lease, it expired in less than one year. Instead, the lease was extended by 7 years with an adjust-to-market rent increase providing significant improvements to this tenant’s space and the building overall. As a result, the office building’s value was significantly increased. This was especially relevant since the office building is for sale. The value of the building was increased by a minimum of $600,000 or more than 35%!