CBRE Arranges Sale of 55,000-SF Class A Office Building in Harrisburg, Pennsylvania

CBRE has arranged the sale of 5 Capital Drive, a 55,000-square-foot, four-story Class A office building in Harrisburg, Pennsylvania. An affiliate of Kest & York acquired the property from FIVE CAPITAL ASSOCIATES, LLC, marking the buyer's first acquisition in the Harrisburg market.

Transaction Details and CBRE Team

CBRE Investment Properties' Steve Marzullo and Adam Silverman, along with Jeremy Shyk and David Sickler, represented the seller in the transaction. Joanne Williams of CBRE's Debt and Structured Finance team secured financing on behalf of the buyer. Jeremy Shyk will continue to oversee leasing of the property going forward.

The CBRE team has a prior history with the asset, having also handled the property's previous sale. The building is leased to a diverse mix of established regional and national tenants, including McCormick Taylor, and was 97% occupied at the time of a prior marketing effort.

"5 Capital Drive has long been a standout asset in our region, making this an especially meaningful transaction for our team, which also handled the property's previous sale," said Marzullo. "This transaction is a great indicator of the continued demand for high-quality, suburban office space in Central Pennsylvania, and we are thrilled to have helped bring a new investor into the fold."

Property Overview: 5 Capital Drive

Built in 2008, 5 Capital Drive is a four-story suburban office building situated near Interstates 81 and 83 and Pennsylvania Routes 22 and 322, providing direct access to downtown Harrisburg and the Camp Hill Business District. The building features an energy-efficient geothermal HVAC system, abundant natural lighting, a fitness center, and outdoor balconies. The site also offers access to scenic trails and views of Paxton Creek.

Suite configurations range from approximately 1,000 to 14,000 square feet, with strong window-to-floor ratios throughout.

Buyer's Strategic Entry into Harrisburg

The acquisition represents Kest & York's first foray into the Harrisburg office market as the firm continues to expand its office portfolio across North American markets.

"Kest & York is excited to add 5 Capital Drive to its growing office portfolio as it expands across North American markets," said Shyk. "The property represents a reimagined Class A asset that thrives in today's market with institutional quality space, energy efficiency, premium location, and distinctive outdoor access, including onsite scenic trails and Paxton Creek views. With ideal suites ranging from 1,000 to 14,000 square feet, great window-to-floor ratios and eager new ownership, the property offers a unique value proposition that modern tenants demand."

Market Context: Suburban Office Demand in Central Pennsylvania

The transaction reflects ongoing investor interest in well-located suburban office product at a time when flight-to-quality dynamics are influencing leasing and capital markets activity across many U.S. office submarkets. The Harrisburg region's position along the I-81 corridor, combined with comparatively stable rents and vacancy in high-quality suburban product, has kept select assets competitive with institutional buyers.

5 Capital Drive's combination of modern building systems, strong highway access, multi-tenant occupancy, and outdoor amenities aligns with post-pandemic tenant preferences for efficient, move-in-ready space with access to natural surroundings — characteristics that CBRE's team cited as central to the property's appeal to both tenants and investors.

About CBRE

CBRE Group, Inc. (NYSE: CBRE) is a Fortune 500 and S&P 500 company headquartered in Dallas and is the world's largest commercial real estate services and investment firm. The company has more than 155,000 employees serving clients in more than 100 countries across advisory, building operations, project management, and real estate investment business segments.

Sources: CBRE Press Release, September 9, 2026