Penn State To Acquire Swan Building

3-20-98
Hershey, Pa. -- With approval from its Board of Trustees, Penn State today (March 20) announced plans to acquire the Swan Technology Building in Ferguson Township and another property adjacent to Penn State Altoona.

The Swan Building, located on Research Drive in the CATO Industrial Park, was offered as a bargain sale to the University by Latcom Associates.

The property, including a 53,500 square-foot building and 5.6 acres, would fulfill a long-term need for Penn State's Applied Research Lab (ARL) to relocate all of its operations. Currently, ARL is leasing space in the Aqua Penn Building in addition to maintaining projects and activities in the Applied Science Building on campus and Research Building West. The size of the facility, coupled with its flexibility, will enhance ARL's ability to better respond to research opportunities.

Penn State will purchase the property for $1,735,000, which is well below market price.

The University will also purchase the Harry Arthur Farm located on Gwin Road in Altoona. The property was referenced as a required acquisition in the Penn State Altoona Master Plan, which was approved by the board in November 1995. The property's strategic location will provide potential space for campus expansion.

The Arthur property includes a two and one-half story house, a garage, barn and several sheds, situated on 8.06 acres. The structures will be used to satisfy the campus' storage needs in the short term. An agreement of sale in the amount of $120,000 plus a charitable gift annuity for $81,500, net present value $49,057, were developed through the Altoona Advisory Board, University Development and Penn State Altoona.

**kiw**

Contact: Karen I. Wagner (814) 865-7517 (office) (814) 867-0797 (home) kiw1@psu.edu