University Park, Pa. — Penn State will purchase the James Building, located at 121-123 S. Burrowes St. in State College, following approval by the University's Board of Trustees Friday (Jan. 23).
The 30,000 square-foot, two-story brick office building on a .4-acre lot has been leased from the Rider family since 1988 and currently houses the offices of the Daily Collegian newspaper. The property has been used by other University operations as well, and is adjacent to other University-owned properties.
Though Penn State has the option to purchase the property in 2015, owner Charles Rider II and the University agreed to exercise the option now, allowing Penn State to avoid rent payments of more than $470,000 over the next six years, according to Gary C. Schultz, senior vice president for finance and business/treasurer of the University.
The property has been offered to the University for $4.4 million.