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.
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– Heights Plaza being Repositioned as Harrison Town Square –
Colliers International | Pittsburgh is pleased to announce that the Heights Plaza Shopping Center is currently undergoing substantial renovations and being repositioned as Harrison Town Square. Nearly 50% of the 371,158 SF shopping center is being restored and renovations are expected to be complete by Summer 2013.
Brad Kelly, Director of Retail Brokerage, and Michelle Stewart, Office & Retail Brokerage Specialist at Colliers International Pittsburgh have been assigned as the exclusive leasing agents to Harrison Town Square by landlord Wild Blue Management. Approximately 151,000 SF is available for lease, with 400 SF – 60,000 SF contiguous retail or medical spaces available. Harrison Town Square also features 1,750 surface parking spaces.
Lami Grubb Architects, the project architect for the renovation of the shopping center, has been contracted to design the new storefront elevations. Exterior renovations include a new storefront facade, canopy and exterior lighting. Additional upgrades will include restoring the interior spaces to a vanilla shell condition, new tenant signage and pylon, improved landscaping and roof replacement.
“Colliers is very excited to be involved with the new Harrison Town Square,” said Brad Kelly, Director of Retail Brokerage at Colliers International | Pittsburgh. “I think the community will be proud of the new look that Wild Blue Management is bringing back to the shopping center. It is going to be an exciting transformation.”
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During the first quarter of 2013 the Pittsburgh commercial real estate market continued to be one of the stronger markets in the United States. Net absorption was relatively flat. This was due primarily to a number of larger growing tenants in the marketplace taking a bit more time than normal to make real estate decisions. Simultaneously there was an uptick in the vacancy rate (8%), but this still represents a very stable marketplace.
What has been a pleasant surprise is the fact that all submarkets within the seven county Pittsburgh market area have vacancy rates under 11%. The highest vacancy rate can be found in the Parkway East corridor at 10.6%. Historically this particular submarket has seen vacancy rates in the 14-16% range.
Learn more about Q1 2013 activity in the Pittsburgh office market.
The economy in Western Pennsylvania has diversified dramatically over the last several decades, but the Energy sector continues to lead economic activity and subsequently drive demand for commercial real estate throughout the region. Western Pennsylvania is poised to become a petrochemical and manufacturing world leader. The chemical industry is already seeing a boom nationally due to shale gas drilling as the industry shifts from oil to natural gas as a raw material. “Our firm has been very active in the local and national energy sector, said Patrick Sentner SIOR, Founding Principal at Colliers International | Pittsburgh, “and our enthusiasm in this business sector is reinforced by the activity we are seeing at
the local level.”
PITTSBURGH, May 8, 2013 – Colliers International | Pittsburgh is proud to announce Hefren-Tillotson, Inc. will be moving from its Upper St. Clair Branch in the South Hills to a new 7,339 square foot office space in Southpointe, located at 121 Champion Way in Cecil Township, to accommodate their growing organization.
Paul Horan, Founding Principal, and Edward Lawrence, Vice President of Office Brokerage at Colliers International | Pittsburgh, were engaged as the exclusive tenant representatives to Hefren-Tillotson, Inc., securing the 7,339 square foot office lease.
Mike Swisher, Principal of Horizon Properties Group, LLC represented the landlord in this transaction.
“The new 121 Champion Way suite provides for a convenient first floor presence with prominent lobby signage,” said Horan. “Southpointe is a highly recognized and prestigious business address which reflects Hefren-Tillotson’s well earned reputation as one of the region’s most respected and top performing investment advisory and financial planning firms.”
“This new and expanded office will be instrumental in continuing to grow Hefren-Tillotson’s ability in the Pittsburgh area to serve our clients based on trust and personal values, just as we have for 65 years,” said Kim Tillotson-Fleming, Chief Executive Officer of Hefren-Tillotson. “Having a local presence will allow us to provide convenient client service in a manner that a more demanding, time sensitive marketplace requires.”