NEWS
MONTGOMERY COUNTY OFFICE OF COMMUNICATIONS
COURT HOUSE, NORRISTOWN, PA., BOX 311, 19404-0311
PHONE (610) 278-3061 FAX 278-5959
COMMISSIONERS:
THOMAS JAY ELLIS, ESQ. Chairman, JAMES R. MATTHEWS , RUTH S. DAMSKER
RELEASE: IMMEDIATELY 10/27/06 PR#06-48
MONTGOMERY COUNTY COMMISSIONERS AGREE
TO PURCHASE DOWNTOWN OFFICE TOWER
NORRISTOWN — The Montgomery County Commissioners have entered an agreement of sale to purchase One Montgomery Plaza, a 10-story office building directly across the street from the Court House.
The purchase price for the 227,000-square-foot building on Swede Street is $26.1 million. The appraised value of the building is $27 million. Settlement is scheduled for December 27th.
“The taxpayers are the beneficiaries here,” Commissioners Chairman Thomas Jay Ellis said. “We now have room to grow and when you do the math, we’ll actually being paying less than we are now and getting the additional space.”
The County Court House has been overcrowded for years and other counties in the region are paying $100 million or more for new construction to expand their courthouse operations, Ellis noted.
The County will pay about $45,000 less in 2007 for debt service and operating costs compared to what it would pay in rent. Those savings will climb to $518,371 by 2011 as more and more County offices are moved into vacant space in the building.
In addition to the purchase price, the County plans to borrow $2 million for improvements to the building such as new windows, brick pointing and improvements to the heating and air conditioning system.
Pictured left to right: Kenneth P. Balin, President, Chief Executive Officer, AMC Delancey, owner of the building; Montgomery County Commissioner Ruth S. Damsker; Montgomery County Commissioners’ Chairman, Thomas Jay Ellis; and Montgomery County Commissioner James R. Matthews.
