2 tenants buy Lancaster city office building

Back in eighth grade at Ephrata Middle School, Joseph D. Wirbick and his classmates took a field trip to Boston.

Wirbick, struck by the city's impressive downtown buildings, commented to a teacher that one day he'd have office buildings of his own.

Now he's under way.

Wirbick and David R. Campbell have bought Wheatland Place, at Wheatland and Race avenues, behind Clock Tower Apartments.

They paid $4.0 million to acquire the five-story building from Morgan Court Partners, according to courthouse records filed April 18.

Wirbick, owner of Sequinox, a financial advisory firm that focuses on retirees, and Campbell, an attorney, have had their offices in the city building for years.

"This makes me feel really good. I've always been one to set goals and go after them," said Wirbick, 35.

His first real estate investment was built in 1949 as Hamilton Watch's research and engineering building. Later it became the offices of Swatch Watch.

Morgan Court Partners bought it in 2003 and, after renovations, opened the building as multitenant office space the next year. Wirbick was its first tenant.

Wirbick said he approached the head of Morgan Court Partners, Barry Baldwin, about selling the building in late 2009.

"Barry didn't have the building up for sale. I just felt it might be a good time to talk to him about it," Wirbick said.

Wirbick knew Baldwin at that time was developing the Cork Factory Hotel at his Urban Place project, formerly the Kerr Glass factory on New Holland Avenue.

His hunch was right.

Baldwin hadn't been planning to sell Wheatland Place — but he was open to the idea. Settlement was held 18 months after that initial pitch.

Joining Wirbick in the acquisition is Campbell, whose 2,600-square-foot law firm's office is across the hall from Sequinox's 4,000-square-foot space.

Wheatland Place features about 55,000 square feet of office space and a 2,500-square-foot ballroom. The building is 98 percent leased; only one office is available.

Wirbick, of Mount Joy, indicated that with this investment, he's practicing what he preaches to his 600 some clients.

"I advise people to diversify their portfolios," he said.

This particular transaction, Wirbick continued, "makes sense" because of the building's reasonable price, excellent condition, nearly full occupancy and quality tenants with long-term leases.

No major changes to the building are planned, only some cosmetic improvements, he said.

tmekeel@lnpnews.com