Montgomery County officials want to sell One Montgomery Plaza. Last week, the County Commissioners issued a request for proposals from real state management companies that would buy the multi-story building and lease it back to them. The principal office building of the county is in need of as much as 18-million dollars in repairs and county officials say the sale-lease back option would allow them to swap the capital cost involved with the renovations for a monthly rent payment. Commissioners Chairman, Josh Shaprio says, it’s an idea worth looking at.
“We think there’s some scenarios out there where the county taxpayers could actually be better off in a sale-lease back situation. It’s important to note that other municipalities have explored this. We’ve seen Chester County do this.”
Shapiro also notes that selling the building would put it back on the tax rolls and generate additional revenue for both Norristown and Montgomery County