Join the Downtown Property Tour on September 21st

Sources: CREW Pittsburgh, Pittsburgh Post-Gazette

Register for the event at 444 Liberty Ave. (Gateway Center Four)

On Wednesday, September 21st, commercial real estate professionals and guests are invited to participate in a Downtown Property Tour through Pittsburgh. High-profile speakers, including City of Pittsburgh Mayor, Luke Ravenstahl, will be in attendance to speak with more than 150 business leaders about the benefits of downtown Pittsburgh. This half-day event includes networking, commercial real estate property tours by bus, and a cocktail party at the Omni William Penn Hotel.  To learn more about the Downtown Property Tour and see the event agenda, or to register online for the event, please click here.  Deadline to register is Tuesday, September 20th at noon.

Event registration will take place at 444 Liberty Avenue (Four Gateway Center). Located in the heart of Pittsburgh’s central business district, 444 Liberty Avenue is situated within a complex that includes plazas with sparkling fountains and botanical gardens, breezy walkways and resting benches.  Tenants are welcomed by entrance lobbies featuring Italian Carrera marble walls, granite floors and shining steel and glass atriums.  Architect DRS, one of the original tenants of Gateway Center, who remains a tenant to this day, has been appointed for the design renovations to 444 Liberty Avenue’s first floor and lower level lobbies, that will be keeping with the original design, but with modern enhancements to include a new ceiling, set of entry doors and new lighting, slated to be completed in the first quarter of 2012.  Also slated for completion in March 2012 is The North Shore Connector and opening of the new Gateway Center Subway Station.

Colliers International | Pittsburgh and Hertz Investment Group are poised to take advantage of this strong market, as we renew existing tenants and attract new tenants to 444 Liberty Avenue. “We have seen an increased amount of activity and tenant movement downtown and are working toward the finalization of multiple transactions,” said Edward Lawrence MBA, Associate at Colliers International | Pittsburgh.  “With an abundance of amenities, on-site parking and spectacular river and downtown views, 444 Liberty Avenue is a preferred location for both regional and international companies.”

The central business district continues to tighten, as evidenced by a recent article in the Pittsburgh Post-Gazette. When it comes to office space in Pittsburgh, there’s little room to spare. Aided by the Marcellus Shale boom and the growth of the local health care and banking industries, the Pittsburgh office market is tighter than ever, with near record low vacancy rates in some quarters pushing rental rates up.

In the Golden Triangle, demand has driven the vacancy rate for premier class A space down to 6 percent to 7 percent, one of its lowest points in decades.

Contrary to this news story, 444 Liberty Avenue is well positioned in the market with the ability to offer up to 100,000 SF of contiguous high rise Class “A” office space, offering incredible views of Point State Park and Pittsburgh’s three rivers.  There are also endless entertainment options available nearby, including the Benedum theatre and the annual Three Rivers Arts Festival and Pittsburgh Regatta.  Take in fabulous views of nearby PNC Park, Heinz Field, and Point State Park, and induldge at centrally located cafes and fine dining establishments.

Experts believe the favorable trends are behind the recent surge in buildings being offered for sale Downtown. Building owners are hoping to take advantage of the strong market, just as stockholders sell high.

And despite a sour national economy and fears of another recession, experts see the local office market staying strong for some time, in part because of the dearth of new construction on the horizon.

“It’s an exciting time to promote the heart of the Golden Triangle,” said Meagan Moore, Associate at Colliers International | Pittsburgh. “With all of the redevelopment taking place, to include two nearby building conversions to residential living, as well as the long anticipated opening of the Gateway Center station in March of 2012, the “Gateway” to the Golden Triangle will again be a centralized hub of activity.” Meagan is a member of CREW Pittsburgh and NAIOP.  Both organizations are among the presenters of the event.