Blog Archives

Colliers International | Pittsburgh Sells 31st Street Studios for $14 Million

New York-based North River Pittsburgh I, LLC purchased 31st Street Studios, the largest sound stage between New York and Los Angeles, for $14 Million. The 238,000 square foot multi-industrial complex sits riverfront on 9.36 acres in Pittsburgh’s iconic Strip District.

“The sale of the 31st Street Studios property is yet another example of the high velocity of the Strip District commercial real estate market and brings yet another high quality investment firm to the Pittsburgh market,” said Gregg Broujos, Managing Director & Founding Principal of Colliers International | Pittsburgh, who served as the broker for the public auction.

In addition to Broujos, John Bilyak, Principal, and Justin Kline, Associate for Colliers International | Pittsburgh along with Robert O. Lampl Law Office, represented the seller, Gateway Entertainment Studios LP.

“It was a team effort, but Gregg was instrumental in getting the property sold,” said Ryan Cooney, Lawyer at Robert O. Lampl Law Office. “With a bankruptcy case, there are more moving parts than your typical transaction, and Gregg was able to communicate well with everyone involved.”

According to their website, 31st Street Studios is home to many film and television productions with Sony Pictures, Paramount, and Netflix. Past productions include Dark Knight Rises, Jack Reacher, Fences, Southpaw, and Concussion.

Broujos commends Chris Breakwell, President and CEO of Gateway Entertainment Studios, for the phenomenal job he has done with the movie studio.

“It brings in an incredible amount of economic activity to the Pittsburgh region, and we really owe him a debt of gratitude for his work over the years and into the future.”

Justin Kline Completes Leadership Pittsburgh’s Leadership Development Initiative (LDI)

Justin Kline, Investment Sales Associate at Colliers International | Pittsburgh, recently graduated from the Leadership Pittsburgh LDI Class XXIV. Kline, alongside the 50 members in his cohort, completed 31 credits in leadership sessions and activities, participated in an overnight retreat and implemented community impact projects over the course of 9 months.

According to the Leadership Pittsburgh website, LDI is a leadership training program for high-potential young professionals that utilizes data-driven training models and provides access to experts who share experiences. The goal of LDI is to build future leaders of the Pittsburgh community.

“We are proud of the accomplishments of Justin Kline, and his 50 fellow LDI XXIV participants, in successfully completing the Leadership Development Initiative program,” said Sarah Miele, Program Manager for Leadership Pittsburgh. “We at Leadership Pittsburgh Inc. are inspired to know that our region’s future is in the hands of these incredibly talented leaders.”

Kline now joins a network of 2,400 Leadership Pittsburgh alumni.

Miele continues, “As they follow in the footsteps of alumni that came before them, we look forward to their enhanced engagement in the civic sector of our community and to their contributions in making Pittsburgh truly the most livable city.”

“Colliers International l Pittsburgh is extremely proud of the commitment that Justin has shown with his graduation from the LDI program,” said Gregg Broujos, Managing Director & Founding Principal at Colliers International | Pittsburgh. “As a young businessman in an extremely competitive industry, Justin chose to better define his leadership capabilities, while also examining more ways to help our communities throughout Western Pennsylvania.”

Colliers’ Kids Bring Fresh Ideas to the Office

Three very imaginative, sales-minded and hard-working children joined the Colliers International | Pittsburgh team last week for our annual “Take Your Child To Work Day.”

The first part of the day was spent learning about what makes buildings different, including the amenities they offer. This was all in anticipation of their big project of the day: create and draw your own building, come up with a pitch, and then try to sell it to anyone in the office.

Garrett, a kindergartner and the youngest of the bunch, designed a hotel skyscraper with a full movie theater in it. His brother Ryan, who is in 2nd grade, created four very different buildings. The most notable was named the “Titanic” in which he described as a “ship like building that can be moved by a truck to be moved into the water.” When asked if it was like the Pittsburgh Ducky Tours, he said yes, but that it was much bigger and people could actually live in it. Lizzie, a 4th grader, designed a retail building with an ice rink and pretzel shop, where people could dip their own chocolate covered pretzels. She also created a very cool office building where people could not only come to work, but the main priority was to have fun!

“My kids had a great time learning about commercial buildings,” Mark Anderson, dad of Ryan and Garrett said. “Their favorite part was negotiating with buyers for their hypothetical properties.”

Lisa Mikolay, Lizzie’s mom, added, “I know the day is supposed to inform the kids about their parents jobs, however, it was a learning experience for me as I saw my quiet 9 year old girl turn into a high pressure sales person trying to get the most profit from her building.”

While no real money was exchanged for their million dollar buildings, their hard work didn’t go unnoticed. All three kids received a cash prize of $1 and pizza for lunch! Afterwards, Ryan and Garrett accompanied their dad on a very important business meeting, while Lizzie helped her mom with various office tasks for the rest of the afternoon.

The whole office was impressed by the creativity and work ethic of each child. It is apparent that they will do great things when they grow up!

“When I asked the kids what they thought their future careers would be, I was intrigued as Garrett talked about being an inventor of new floating chocolate (another Willie Wonka) and Ryan wants to be an inventor and is very interested in finding life on other planets and the possibility of living on other planets,” Lisa explained.

Patrick Sentner Installed on Society of Industrial and Office Realtors (SIOR) Board of Directors

Patrick Sentner, SIOR, Founding Principal for Colliers International | Pittsburgh was recently inducted into the Society of Industrial and Office Realtors® (SIOR) Board of Directors to serve a two-year term as a Board Member-at-Large. The induction took place during the SIOR Fall World Conference in New York City.

Although Sentner has experience in many different facets of the commercial real estate industry, he has spent the majority of this career focusing on corporate services and tenant representation. Sentner works closely with his clients, whether they are a start-up, non-profit or Fortune 500 corporation, to design and execute strategic plans that address current and future real estate needs.

Sentner has received recognition for his accomplishments including multiple CoStar Power Broker Awards (Office and Industrial), Colliers International Everest Award for Top Performance in 2011, 2012, 2014 and 2015, Winner of the NAI Global Chairman’s Award for Performance in 2010, and Top Performer at the Silver Elite level based on production in 2007, 2008, and 2010, among many others awards.

“Within my first year of commercial brokerage I set a goal of becoming an SIOR as soon as possible,” explains Sentner. “Now decades later I am blessed to be serving on SIOR’s Board of Directors.”