Author Archives: Colliers International | Pittsburgh
Colliers International | Pittsburgh Selected As Exclusive Leasing Agent for Parkway Center Buildings
New Ownership Group to Make Substantial Capital Investment to Seven of Eleven Buildings in Greentree Office Complex
Market Street Real Estate Partners and JDI Realty has announced the selection of full service brokerage firm Colliers International | Pittsburgh as exclusive leasing agent for the group’s newly acquired assets, Buildings One, Two, Four, Six, Seven, Nine and Ten at the Parkway Center complex in Greentree. The ownership group will implement a substantial capital investment that will modernize the buildings and re-energize the overall complex. Planned changes include new landscape design, repaving of parking areas, new lighting, walls, ceilings, restrooms and elevator cabs.
The buildings at Parkway Center, a Class A & B office and retail complex, sit on a 20.7 acre campus setting that includes 622,771 square feet of office space encompassed by the seven buildings. Colliers International | Pittsburgh will be responsible for leasing office vacancies within the complex, including Building Seven comprising 288,654 square feet of Class A space, which will be rebranded as “THE TOWER AT PARKWAY CENTER”.
Additionally, the entirely vacant Building Ten provides the market with a rare signature building opportunity at a size of 39,670 SF. Market Street Real Estate Partners plans major renovations to Building Ten to include replacement of the existing smaller windows with larger glass windows and extensive landscaping around the structure.
ElectroMechanical Engineering (EME) Associates, Inc. acquired the 8,550 square foot combined office and manufacturing building located at 150 Seco Road in Monroeville Business Park. John Bilyak, Principal, and Jessica Jarosz, Vice President of Tenant Advisory Services at Colliers International | Pittsburgh, represented the buyer.
EME Associates purchased the property from 221 Allegheny Avenue Partnership represented by PRC Commercial.
“Working with Colliers International | Pittsburgh, EME established its present home in Forest Hills which has served EME for the past 7 years, and now our new home in Monroeville which will serve our expanding office and manufacturing needs,” said Alan Spisak, Owner of EME Associates.
“We were fortunate to find such an ideal fit of a flex building for EME’s real estate requirements given the strength of the industrial market,” Jessica Jarosz stated. “It was a perfect time for EME to make the acquisition.”
About EME Associates
EME is a rapidly growing nationally recognized high tech power generation company founded in Pittsburgh in 1982. A company built through engineering and consulting services has steadily increased its capabilities and services to provide turnkey solutions to the power generation industry, including recent multi-million dollar power plant synchronous condenser conversions which are key components in the stabilization of the power grid.
To learn more about EME Associates, visit their website at www.emeassociates.com.
Colliers International | Pittsburgh Announces The Sale of Parkway Center – Buildings One, Two, Four, Six, Seven, Nine and Ten
Colliers International | Pittsburgh is proud to announce the sale of an office complex portfolio and garage located at Parkway Center – Buildings One, Two, Four, Six, Seven, Nine, and Ten in the Parkway West Corridor. The 622,771 SF office complex, situated on 20+ acres, was sold by GPA and GPA II to PWC Pitt, LLC., lead by Pittsburgh native Robbie Oppenheim. The new ownership group is a partnership between Market Street Real Estate Partners of Coral Gables, FL and Chicago-based JDI Realty.
The Seller and the Buyer were represented by the Colliers International | Investment Sales Team, according to Gregg Broujos, Managing Director and Head of Investment Services.
“PWC Pitt’s purchase of the seven buildings at Parkway Center represents a new beginning for this perfectly located office complex,” said Gregg Broujos, Managing Director and Founding Principal of Colliers International | Pittsburgh. “The seller, Greentree Parkway Associates, did a great job of overcoming a number of obstacles during the past few years, and has handed it off to a buyer who has the expertise and capital to create a new and exciting atmosphere at Parkway Center.”
Lynn Williams, Vice President of Investment Services, added: “The strength of Pittsburgh’s Central Business District along with the high occupancy rates in the Parkway West Submarket make this a strong portfolio investment for PWC Pitt. Given the proven track record of the partners, we are confident that they will be pleased with the overall performance of this asset.”
For more information, please contact Gregg Broujos at 412 321 4200.
Activity in the office leasing market in Pittsburgh leveled off in the first quarter of 2014, but overall the market performance continues to exceed typical expectations for the region. The overall office vacancy rate in the region is up slightly to 8.3 percent from 8.1 percent at the end of 2013, while Class A office space in the CBD market has one of the lowest vacancy rates in the country at just 8.1 percent. The fundamentals reflect a tight office market and are testament to why Pittsburgh continues to attract serious outside consideration from institutional investors. A prime illustration is the recent acquisition of the venerable Union Trust Building by Boston based, The Davis Companies. The company’s immediate plans are to maintain the 517,000 square-foot building for office use, pending additional research into the market.
As Pittsburgh emerges from one of the coldest winters in recent memory, a number of positive economic news items have been published, which reflect continued momentum for the region and potential reasons why interest from the outside investment community will continue. For instance, the Pittsburgh Regional Alliance (“PRA”) recently announced that economic development deals increased by 12 percent during 2013 to a total of 302 throughout the 10-county region. In its March press release, the PRA stated that the deals or “wins” were related to “new facilities, expansions of existing companies, attraction/retention of companies and startups around Southwestern Pennsylvania.” The announcement by the PRA provides further evidence to Pittsburgh’s growing economy and substantiates interest from outside real estate investors.