Colliers International | Pittsburgh Brokers Honored at the Western Pennsylvania Chapter SIOR Awards Luncheon
Colliers Brokers Receive Top Honors in Several Award Categories for 2012 Deals of the Year from the Society of Industrial and Office Realtors (SIOR)
Colliers International | Pittsburgh is pleased to announce that it has received several top honors in multiple commercial real estate categories at the annual Western Pennsylvania Chapter SIOR Luncheon, held Wednesday, May 15, 2013 at the Duquesne Club in Downtown Pittsburgh, honoring the Region’s Top Brokers and Deals for 2012.
CBD Office Lease of the Year AND Most Creative Deal of the Year
Paul Horan, Founding Principal, and Edward Lawrence, Vice President of Office Brokerage at Colliers International | Pittsburgh are the exclusive agents for the Gateway Center Complex, and represented the landlord, Hertz Investment Group, in the lease of 100,865 SF at Four Gateway Center to Gateway Health, L.P. At the time of Colliers initial engagement with Gateway Center, Gateway Health, L.P. had already evaluated a handful of options downtown and was focused on a direct lease in its current space at 600 Grant Street. Four Gateway Center was not originally considered because the necessary (100,000 RSF) contiguous block of space was not readily available.
Upon Colliers International Pittsburgh’s appointment as the exclusive agents in July of 2011, the knowledge of Gateway Health’s requirement prompted a closer inspection of Four Gateway Center’s stacking plan. “We were able to identify that 100,000 RSF contiguously could be accomplished at Four Gateway Center through the relocation of a few tenants and the incenting of another sizable tenant to vacate early,” said Horan.
Gateway Health, L.P. was represented exclusively by William Leone SIOR and Patrick Sentner SIOR Founding Principals at Colliers International | Pittsburgh. “As tenant representatives, we negotiated very favorable lease terms and conditions for Gateway Health, including lease rate, construction package, extensive expansion rights, building signage and naming rights and ample building security,” said Leone. “The design and construction processes were compressed to allow for a completion date of March 29, 2013 and Gateway Health was able to relocate approximately 600 employees to Four Gateway Center by April 1, 2013.”
Investment Sale of the Year – Industrial
John Bilyak SIOR, CCIM, Principal, and Patrick Tracy, Vice President of Industrial Brokerage at Colliers International | Pittsburgh were the exclusive seller representatives for 175 Sheffield Drive, and represented the seller, The Community Foundation of Westmoreland County, in the sale of 59,900 SF at Sheffield Business Park. The property features three tenant flex buildings, with one tenant’s lease rolling shortly after the seller purchased the building. This was a complex transaction requiring an extensive knowledge of the submarket in order to provide the buyer with the comfort level to rely on Colliers lease up assumptions.
Colliers International | Pittsburgh was engaged to market Sheffield Drive by the Westmoreland County Foundation for the purpose of monetizing their real estate asset so they could divert the funds to more needed areas,” said John Bilyak SIOR, CCIM, Principal at Colliers International | Pittsburgh. “The project was complex in that it was an investment sale with one of the significant tenants planning to vacate the property within 18 months of us being engaged. We successfully identified a buyer who relied primarily on our market knowledge, financial analysis, and assumptions when evaluating the property. It was truly a collaborative effort by all Colliers team members which resulted in a positive outcome for both the buyer and the seller.”
Colliers International | Pittsburgh offers flexible, customized solutions to meet and exceed client goals, including brokerage, consulting, corporate services, facility and asset management, investment services, project management, valuation services, marketing and market research to individuals, businesses and investors. The firm has 16 brokers plus support staff and approximately 10 million square feet of active listings.
About The Society of Industrial and Office Realtors (SIOR)
The Society of Industrial and Office Realtors® is the leading professional commercial and industrial real estate association. With more than 3,000 members in more than 630 cities in 33 countries, SIOR represents today’s most knowledgeable, experienced, and successful commercial real estate brokerage specialists. SIOR has certified thousands of members with the prestigious SIOR designation, a professional symbol of the highest level of knowledge, production, and ethics in the real estate industry.
About Colliers International
Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.
Posted on May 21, 2013, in Achievements, Industrial, Investment, Landlord Representation, Office, Tenant Representation and tagged Brokers, Colliers International, Industrial, Investment, Leasing, Pittsburgh Commercial Real Estate, SIOR, Tenant Representation, Western Pennsylvania. Bookmark the permalink. Comments Off on Colliers International | Pittsburgh Brokers Honored at the Western Pennsylvania Chapter SIOR Awards Luncheon.