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After upgrade, Bethlehem firm sells 10-story office building to Larken Associates

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65 E. Elizabeth Avenue in Bethlehem (File photo by Christopher Holland)
65 E. Elizabeth Avenue in Bethlehem (File photo by Christopher Holland)

After turning an underused 10-story office building into new apartment and office space, a Bethlehem company sold the property to a New Jersey-based real estate firm.

Real estate developer Borko Milosev, principal of Post Road Management LLC in Bethlehem, confirmed the sale of The Pinnacle at 65 in Bethlehem closed Nov. 15.

Milosev, whose firm is also a tenant of the building, completed a renovation project over the past few years that saw the first four floors transformed into new office space and floors five through 10 turned into 48 luxury apartments.

Jessica Heckman, director of residential asset management for Larken Associates, based in Branchburg, N.J., confirmed that Larken bought the building at 65 E. Elizabeth Ave.

Neither Larken Associates nor Milosev disclosed the sale price. Northampton County property records show no recording of the transaction.

Larken Associates will move into an empty suite, number 307, on the third floor of the building, Heckman said.

The firm handles property management and has about 500 residential units in Bethlehem alone, she said. Larken Associates also has more than 1,000 residential units in its portfolio and more than 3 million square feet of commercial and industrial real estate throughout Pennsylvania and New Jersey, Heckman said.

The firm will have a presence on site and plans to open its suite by next week, she said. At slightly less than 1,200 square feet, the office will have three employees, including property manager Lauren Wood and a full-time maintenance employee.

The firm plans to operate the building as it is, she added.

E. Elizabeth Avenue Holdings is the entity that owns the building and the parent company is Larken Associates, Heckman said.

Post Road Management also has an office on the first floor of the building.

The building, which was built in 1967 and one of the tallest in Bethlehem, is near Moravian College and Liberty High School.

The Lehigh Valley Business office is on the fourth floor of the building.

According to Northampton County property records, 65 Elizabeth LLC bought the building in December 2014 for $2.7 million.

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Brian Pedersen

Brian Pedersen

Reporter Brian Pedersen covers construction, development, warehousing and real estate and keeps you up to date on the changing landscape of our community. He can be reached at brianp@lvb.com or 610-807-9619, ext. 4108. Follow him on Twitter @BrianLehigh and read his blog, “Can You Dig It,” at http://www.lvb.com/section/can-you-dig-it.

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