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ASBURY, NJ, FEBRUARY 24, 2009---- J.G. Petrucci Co., Inc. (“JGPCO”), one of the New Jersey and Pennsylvania region’s most respected development and design/build organizations, has entered into an agreement to acquire the World Headquarters building of Mack Trucks, Inc. at 2100 Mack Boulevard in Allentown, Pennsylvania. Mack, part of the Volvo Group, announced a major restructuring plan in August 2008 that includes relocation of the company's administrative headquarters and most support functions from Allentown to Greensboro, North Carolina.
“Mack has been a symbol of strength, durability and American know-how for more than a century. When we had the opportunity to acquire their landmark World Headquarters building we couldn’t pass it up,” stated James G. Petrucci, president of JGPCO. He added, “This acquisition demonstrates our strong faith in the Lehigh Valley and the Commonwealth of Pennsylvania as great places both to work and live. It also represents one of our core service lines, which is the redevelopment and adaptive re-use of well located facilities that are no longer required by their occupants.”
The Mack World Headquarters building is a six-story Class A facility that comprises approximately 250,000 square feet of office space on a 22.3-acre site. Built in 1970, the building features an auditorium, balcony and generator building. It is conveniently located just north of Interstate Highway 78 at Interchange 58 and in close proximity to Route 309, Route 145 and Queen City Municipal Airport.
“We were disappointed of course, to have Mack relocate their headquarters from Allentown, but at the same time, we are delighted that J.G. Petrucci Co. is stepping in to acquire the property,” said Allentown Mayor Ed Pawlowski. “J.G. Petrucci has an enviable track record in revitalizing and marketing properties in Allentown and throughout the Lehigh Valley. In addition, they have demonstrated a keen awareness of the many advantages Allentown offers employers, including an outstanding labor pool, central location, a vibrant and diversified economy and a lifestyle that features numerous recreational and cultural amenities,” Pawlowski added.
Greg Rogerson, a JGPCO principal, noted, “Once the sale is finalized, Mack will lease back a portion of the building to temporarily house those functions which will not be relocated to Greensboro. We will be aggressively trying to lease the remainder of the space.” He added, “Once the remaining Mack functions are relocated to Mack’s other Lehigh Valley facilities, some time in 2010, we will look to lease that space, too. The Mack World Headquarters building represents the only large block of true Class A office space in the Lehigh Valley. It is also the largest block of contiguous available office space in any category.”
About J.G. Petrucci Co., Inc.
J.G. Petrucci Co., Inc (“JGPCO”) is a privately-held real estate organization with more than 21 years experience in the design/build, development, re-development and acquisition of industrial, office, retail, multi-family and hotel properties. In addition, JGPCO is recognized as a leader in both the New Jersey and Pennsylvania markets with a client and tenant roster that includes Merrill Lynch, Weyerhaeuser Co., Federal Express, Cryovac/Sealed Air, Gargiulo Produce, Westfield Medical Center, Marriott International, Flemington BMW and Schütz Containers. JGPCO presently holds an investment portfolio of over 3 million square feet of prime industrial, retail and office space. The firm is based in Asbury, New Jersey and also maintains offices in Bethlehem, Pennsylvania. For additional information about J.G. Petrucci Co., Inc., please visit our website at www.jgpetrucci.com.
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