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.
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.