Category Archives: Investment

COVID-19 Impact on Pittsburgh Commercial Real Estate

Click the link below to see what the Colliers International | Pittsburgh brokers are saying about the impact of COVID-19 on the Pittsburgh Commercial Real Estate Market.

COVID-19 Impact on Pittsburgh Commercial Real Estate

Colliers Pittsburgh Chit Chat: Gregg Broujos

Colliers International is proud to announce its partnership with the Episcopal Diocese of Pittsburgh to offer downtown property

Colliers International’s investment team of Gregg Broujos and Michelle Domeisen CCIM will be presenting Trinity House, a 4-story, 20,000 +/- square foot property located at 325 Oliver Avenue either for lease or for redevelopment.

“Trinity House is one of the only architecturally unique opportunities in the Central Business District that offers countless possibilities to many business types,” said Domeisen.  “We look forward to our partnership with Trinity Cathedral and the diocese in exploring every avenue to find the right occupant, or project for the building.”

In exploring the possibilities, the Colliers investment team will be conducting a Request For Proposal process in the coming weeks to seek a developer or end user who is looking for a unique niche project in the Central Business District of Downtown Pittsburgh.

For additional information, please contact Gregg Broujos at 412 515 8527 or Michelle Domeisen at 412 515 8544.

Colliers International to Sell Centre City Tower in Pittsburgh’s Central Business District

The Colliers International | Pittsburgh investment team of Gregg Broujos and Michelle Keane Domeisen are representing King Penguin Opportunity Fund in the sale of Centre City Tower, a 26-story, 339,701 square foot office building in Pittsburgh’s Central Business District.

Centre City Tower is the largest of three office buildings owned by King Penguin in the city. The other two buildings (The Pittsburgher and The Allegheny Building) will remain with King Penguin as they continue to look for more opportunities to expand their portfolio within the Pittsburgh market. Jennifer Faines, a spokeswoman for King Penguin, confirmed that the company is looking to “reposition” its portfolio and restructure some of their assets.

This sale will come at a great time for the Downtown office market, as office building sales have been relatively dormant over the past year. The biggest sale in 2018 came when the City of Pittsburgh purchased the 155,000 square foot former Art Institute building for $27 million.

Centre City Tower will be hitting the market without a list price, which is part of the sales strategy, said Regional Principal, Broujos. “We’re going to see how high the interest level is before (establishing a call-for-offers date).”

Broujos also believes the size of the building will attract interest from buyers worldwide. With floorplates of more than 12,000 square feet and ongoing building updates, “we continue to see interest from outside the market for buildings of this size.”

The building has seen several recent commitments for long-term leases, leaving it around 72 percent occupied.  A new café, “The Grind” will feature outdoor seating and  is set to open in the near future on the first floor of Centre City Tower.