The Hiring of David J. Thor as Associate
PITTSBURGH, PA – (November 12, 2010) - NAI Pittsburgh Commercial is pleased to announce that David J. Thor has been named as an Associate of the firm. Specializing in Tenant Advisory Services and Agency Representation, David is responsible for assisting clients with strategy, site selection, proposals, financial analyses and lease negotiations, in addition to identifying and securing tenants and/or buyers. His responsibilities also include developing agency and tenant representation relationships and performing the associated client-related professional services in office, industrial, land and retail transactions.
Prior to joining NAI Pittsburgh Commercial, David represented the interests of his clients, while serving as a Product Manager for Accenture, a global management consulting and technology services outsourcing organization. Additionally, David has played an integral role in various local real estate-intensive ventures, cultivating relationships and serving in both Project Management and Operational Management capacities. Mr. Thor is a native of the Pittsburgh area and has over 12 years of professional experience, with a focus on client service. He is a LEED Accredited Professional.
Patrick Sentner, Founding Principal at NAI Pittsburgh Commercial, said that Mr. Thor will be a great asset to the firm and its commitment to providing the highest level of service to its clients. “Mr. Thor’s impressive work experience coupled with his stronger work ethic will help NAI Pittsburgh Commercial to provide our clients with an even higher level of service to our current and future clients.”
NAI Pittsburgh Commercial, locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world.
About NAI Global
NAI Global is one of the leading commercial real estate services providers worldwide. Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 commercial real estate professionals and 325 offices in over 55 countries, and completes over $45 billion in annual transaction volume. Since 1978, NAI Global clients have built their businesses on the power of NAI’s expanding network. NAI Global’s extensive services include corporate real estate services, brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain consulting and related advisory services. To learn more, visit www.naiglobal.com.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Showing posts with label Office. Show all posts
Showing posts with label Office. Show all posts
Friday, November 12, 2010
Tuesday, October 26, 2010
NAI Pittsburgh Commercial is Pleased to Announce
The Hiring of Sara Boehm as Administrative Assistant
PITTSBURGH, PA – (October 26, 2010) - NAI Pittsburgh Commercial is pleased to announce that Sara Boehm has been named as Administrative Assistant.
Her responsibilities include: designing marketing materials; updating information on various websites; and assisting brokers in researching property data.
Prior to joining NAI Pittsburgh Commercial, Ms. Boehm worked in Account Service for several local advertising agencies, coordinating projects with team leaders and agency executives.
Bill Leone, Founding Principal at NAI Pittsburgh Commercial, said that Ms. Boehm will be a great asset to the firm and its commitment to providing the highest level of service to its clients. “The entire NAI Pittsburgh Commercial team is pleased that Sara has joined our organization. Sara brings with her a wealth of marketing and project coordination experience which will be of great benefit to our valued clientele. NAI Pittsburgh Commercial’s mission is to provide our clientele with the highest level of results-oriented service; recruiting top level professionals makes this possible. Each member of our staff brings unique attributes to NAI Pittsburgh Commercial.”
NAI Pittsburgh Commercial, locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world.
About NAI Global
NAI Global is one of the leading commercial real estate services providers worldwide. Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 commercial real estate professionals and 325 offices in over 55 countries, and completes over $45 billion in annual transaction volume. Since 1978, NAI Global clients have built their businesses on the power of NAI’s expanding network. NAI Global’s extensive services include corporate real estate services, brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain consulting and related advisory services. To learn more, visit www.naiglobal.com.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
PITTSBURGH, PA – (October 26, 2010) - NAI Pittsburgh Commercial is pleased to announce that Sara Boehm has been named as Administrative Assistant.
Her responsibilities include: designing marketing materials; updating information on various websites; and assisting brokers in researching property data.
Prior to joining NAI Pittsburgh Commercial, Ms. Boehm worked in Account Service for several local advertising agencies, coordinating projects with team leaders and agency executives.
Bill Leone, Founding Principal at NAI Pittsburgh Commercial, said that Ms. Boehm will be a great asset to the firm and its commitment to providing the highest level of service to its clients. “The entire NAI Pittsburgh Commercial team is pleased that Sara has joined our organization. Sara brings with her a wealth of marketing and project coordination experience which will be of great benefit to our valued clientele. NAI Pittsburgh Commercial’s mission is to provide our clientele with the highest level of results-oriented service; recruiting top level professionals makes this possible. Each member of our staff brings unique attributes to NAI Pittsburgh Commercial.”
NAI Pittsburgh Commercial, locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world.
About NAI Global
NAI Global is one of the leading commercial real estate services providers worldwide. Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 commercial real estate professionals and 325 offices in over 55 countries, and completes over $45 billion in annual transaction volume. Since 1978, NAI Global clients have built their businesses on the power of NAI’s expanding network. NAI Global’s extensive services include corporate real estate services, brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain consulting and related advisory services. To learn more, visit www.naiglobal.com.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Monday, July 26, 2010
Several Downtown Pittsburgh landmarks up for sale
Friday, July 23, 2010
By Mark Belko, Pittsburgh Post-Gazette
The way things are going, the Golden Triangle just might become one gigantic "for sale" sign.
All over Downtown, buildings are going up for sale almost as fast as LeBron James jerseys in Cleveland.
And not just any old building. Some of Pittsburgh's signature real estate is on the block -- from Macy's (formerly Kaufmann's) department store to Gateway Center, the linchpin of the city's first renaissance.
Others up for sale include the Henry W. Oliver Building; the Regional Enterprise Tower, formerly the Alcoa building; EQT Tower, once known as Dominion Tower; and the American Red Cross of Southwestern Pennsylvania building.
And that doesn't even count some of the smaller properties that have hit the market recently.
What's next? The County Courthouse? PPG Place? U.S. Steel Tower?
The surge in sales has made newspaper headlines and even attracted the attention of City Hall. Aides to Mayor Luke Ravenstahl have consulted with local real estate brokers seeking to determine what is driving the phenomenon.
Yarone Zober, Mr. Ravenstahl's chief of staff, said officials have been assured that, overall, the jump in listings is more a sign of the market's vibrancy than anything else.
"By and large, when I talk to people in the industry, the answer is that people are selling in Pittsburgh because they want to sell high," he said.
Experts appear to be divided on just what is fueling the sales binge. Some, like Mr. Zober, believe it is a sign of a robust real estate market. One contrarian sees owners cashing in before the bottom falls out because of fears of a prolonged recession.
Others see it as almost coincidence, with a variety of factors at work rather than a single motivating force.
"There's nothing in the water, if you will. There's logic behind each of these," said Aaron Stauber, the president of New York-based Rugby Realty, which has extensive property holdings in Pittsburgh.
Mr. Stauber believes that in the case of Gateway Center and the EQT Tower, the owners are looking to cash in after upgrading their properties.
Both the Gateway Center complex, with four buildings, and EQT Tower, now the headquarters of utility EQT, have high occupancy rates and are well positioned for a sale, he said.
"The properties are at a position where the highest value can be gained [in a sale]," he said.
Mr. Stauber said some sellers may have held off in listing their real estate over the last few years because of the recession and the credit crunch. With the financial markets stabilizing, he said, now might be a good time to sell.
"For those properties, it's like a pent-up demand situation. They may have come to the market three years ago under normal circumstances," he said.
The fact that the buildings are for sale may be an indication that "we're finally starting to see the market open up," he said.
In a recent interview, Gary Horwitz, president of Los Angeles-based Hertz Investment Group, the owner of Gateway Center, said the firm believes it is an "opportune time" to go to the market and turn a profit because of the demand for quality assets and the strength of the local real estate market.
He called Pittsburgh one of the top five real estate markets in the country right now. Hertz purchased the buildings in Gateway Center for $55 million in 2004. The occupancy rate is now about 85 percent. Mr. Horwitz would not disclose an asking price.
"I think nationally there's a shortage of quality buildings on the market. There's a tremendous amount of cash sitting on the sidelines waiting for quality. This building is going to be well received. It's in a quality city and a quality asset," he said.
Macy's is another which has said it is seeking to capitalize on the strong market Downtown while at the same time looking for someone to better use some of the empty space in the landmark building at Fifth Avenue and Smithfield Street. Even with a sale, the department store is expected to remain in the building.
On the other hand, Mr. Stauber believes the Oliver Building and the Regional Enterprise Tower, with lower occupancy rates, face different issues. One factor that may be driving the sale of the Oliver Building, he said, is the loss of the K&L Gates law firm, which moved to One Oliver Plaza, now K&L Gates Center, in March.
"Those are properties where something needs to happen. They need to be repositioned. Either the current owners will reposition them or the new owners will reposition them," he said.
Mr. Stauber, who has made a living turning around underachieving properties, said he will "take a look" at both buildings. Whether he has any further interest, he said, is "subject to further review."
At the same time, Rugby Realty may put the Manor Building on Forbes Avenue on the market again, he noted. The firm offered the 11-story structure for sale in 2008, but ended up pulling it off the market because of the recession.
Herky Pollock, an executive vice president for real estate brokerage CB Richard Ellis/Pittsburgh, said the central business district has seen an increase in rental rates and net absorption over the last few years.
That, he added, "bodes well for future potential investors and it allows owners to reap the benefits of these increases."
"You'd be hard pressed to find a city outside of Chicago, New York or Boston that has experienced the stability and growth that Pittsburgh has experienced in the last five years," he said.
According to CB Richard Ellis, the office vacancy rate Downtown in the first quarter was 12.2 percent, one of the lowest in the Pittsburgh market. The average lease rate for Class A office space was $23.70, the highest in the market.
While some see the wave of buildings for sale as a good indicator, Tom Sullivan, a commercial broker for Pennsylvania Commercial Real Estate, isn't one of them.
He maintained that some owners may be selling because they are worried about a prolonged recession and see rental rates plunging and occupancy dipping over the next few years.
"I don't believe it is because it's such a robust market. I think these people see it as it's not going to get much better than it is today," he said.
Mr. Sullivan believes a proposal to sell off city parking authority garages and city meters to help stabilize the city pension fund would only make matters worse, since parking rates would increase dramatically over the next five years. That could deter people from wanting to work Downtown and cause businesses to look for locations in the suburbs.
He said that, in his experience, one of the biggest issues in trying to land tenants for buildings Downtown is the cost of parking.
"If they do anything close to what they're talking about, there's going to be a greater exodus Downtown," he said.
But Mr. Zober said the parking authority owns only 25 percent of the spaces Downtown. The rest are in private hands and generally charge higher daily rates than the city.
"This is a way for us to get even with the private market," he said. "Hopefully, it will have a negligible effect rather than a great effect. If we controlled 100 percent of the parking Downtown, I would understand the concern."
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
By Mark Belko, Pittsburgh Post-Gazette
The way things are going, the Golden Triangle just might become one gigantic "for sale" sign.
All over Downtown, buildings are going up for sale almost as fast as LeBron James jerseys in Cleveland.
And not just any old building. Some of Pittsburgh's signature real estate is on the block -- from Macy's (formerly Kaufmann's) department store to Gateway Center, the linchpin of the city's first renaissance.
Others up for sale include the Henry W. Oliver Building; the Regional Enterprise Tower, formerly the Alcoa building; EQT Tower, once known as Dominion Tower; and the American Red Cross of Southwestern Pennsylvania building.
And that doesn't even count some of the smaller properties that have hit the market recently.
What's next? The County Courthouse? PPG Place? U.S. Steel Tower?
The surge in sales has made newspaper headlines and even attracted the attention of City Hall. Aides to Mayor Luke Ravenstahl have consulted with local real estate brokers seeking to determine what is driving the phenomenon.
Yarone Zober, Mr. Ravenstahl's chief of staff, said officials have been assured that, overall, the jump in listings is more a sign of the market's vibrancy than anything else.
"By and large, when I talk to people in the industry, the answer is that people are selling in Pittsburgh because they want to sell high," he said.
Experts appear to be divided on just what is fueling the sales binge. Some, like Mr. Zober, believe it is a sign of a robust real estate market. One contrarian sees owners cashing in before the bottom falls out because of fears of a prolonged recession.
Others see it as almost coincidence, with a variety of factors at work rather than a single motivating force.
"There's nothing in the water, if you will. There's logic behind each of these," said Aaron Stauber, the president of New York-based Rugby Realty, which has extensive property holdings in Pittsburgh.
Mr. Stauber believes that in the case of Gateway Center and the EQT Tower, the owners are looking to cash in after upgrading their properties.
Both the Gateway Center complex, with four buildings, and EQT Tower, now the headquarters of utility EQT, have high occupancy rates and are well positioned for a sale, he said.
"The properties are at a position where the highest value can be gained [in a sale]," he said.
Mr. Stauber said some sellers may have held off in listing their real estate over the last few years because of the recession and the credit crunch. With the financial markets stabilizing, he said, now might be a good time to sell.
"For those properties, it's like a pent-up demand situation. They may have come to the market three years ago under normal circumstances," he said.
The fact that the buildings are for sale may be an indication that "we're finally starting to see the market open up," he said.
In a recent interview, Gary Horwitz, president of Los Angeles-based Hertz Investment Group, the owner of Gateway Center, said the firm believes it is an "opportune time" to go to the market and turn a profit because of the demand for quality assets and the strength of the local real estate market.
He called Pittsburgh one of the top five real estate markets in the country right now. Hertz purchased the buildings in Gateway Center for $55 million in 2004. The occupancy rate is now about 85 percent. Mr. Horwitz would not disclose an asking price.
"I think nationally there's a shortage of quality buildings on the market. There's a tremendous amount of cash sitting on the sidelines waiting for quality. This building is going to be well received. It's in a quality city and a quality asset," he said.
Macy's is another which has said it is seeking to capitalize on the strong market Downtown while at the same time looking for someone to better use some of the empty space in the landmark building at Fifth Avenue and Smithfield Street. Even with a sale, the department store is expected to remain in the building.
On the other hand, Mr. Stauber believes the Oliver Building and the Regional Enterprise Tower, with lower occupancy rates, face different issues. One factor that may be driving the sale of the Oliver Building, he said, is the loss of the K&L Gates law firm, which moved to One Oliver Plaza, now K&L Gates Center, in March.
"Those are properties where something needs to happen. They need to be repositioned. Either the current owners will reposition them or the new owners will reposition them," he said.
Mr. Stauber, who has made a living turning around underachieving properties, said he will "take a look" at both buildings. Whether he has any further interest, he said, is "subject to further review."
At the same time, Rugby Realty may put the Manor Building on Forbes Avenue on the market again, he noted. The firm offered the 11-story structure for sale in 2008, but ended up pulling it off the market because of the recession.
Herky Pollock, an executive vice president for real estate brokerage CB Richard Ellis/Pittsburgh, said the central business district has seen an increase in rental rates and net absorption over the last few years.
That, he added, "bodes well for future potential investors and it allows owners to reap the benefits of these increases."
"You'd be hard pressed to find a city outside of Chicago, New York or Boston that has experienced the stability and growth that Pittsburgh has experienced in the last five years," he said.
According to CB Richard Ellis, the office vacancy rate Downtown in the first quarter was 12.2 percent, one of the lowest in the Pittsburgh market. The average lease rate for Class A office space was $23.70, the highest in the market.
While some see the wave of buildings for sale as a good indicator, Tom Sullivan, a commercial broker for Pennsylvania Commercial Real Estate, isn't one of them.
He maintained that some owners may be selling because they are worried about a prolonged recession and see rental rates plunging and occupancy dipping over the next few years.
"I don't believe it is because it's such a robust market. I think these people see it as it's not going to get much better than it is today," he said.
Mr. Sullivan believes a proposal to sell off city parking authority garages and city meters to help stabilize the city pension fund would only make matters worse, since parking rates would increase dramatically over the next five years. That could deter people from wanting to work Downtown and cause businesses to look for locations in the suburbs.
He said that, in his experience, one of the biggest issues in trying to land tenants for buildings Downtown is the cost of parking.
"If they do anything close to what they're talking about, there's going to be a greater exodus Downtown," he said.
But Mr. Zober said the parking authority owns only 25 percent of the spaces Downtown. The rest are in private hands and generally charge higher daily rates than the city.
"This is a way for us to get even with the private market," he said. "Hopefully, it will have a negligible effect rather than a great effect. If we controlled 100 percent of the parking Downtown, I would understand the concern."
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Monday, May 10, 2010
Armstrong County’s Northpointe Office Park set for Expansion
Pittsburgh Business Times
by Tim Schooley
Pittsburgh, PA (May 7,2010)
The private sector may be struggling to come up with financing for industrial real estate development, but that isn’t stopping the Armstrong County Industrial Development Authority from pushing forward on a 30,000 SF addition at Northpinte, a 995 acre mixed-use development.
With $4million in state and federal dollars in hand, the county authority expects to break ground soon, adding to the development, located in South Buffalo Township near the Route 28 Allegheny Expressway.
“If we can fill that niche, I’m happy to do so,” said Michael Coonley, executive director of the public authority, which works jointly with Armstrong County Industrial Development Council. “It was the perfect storm. There was a need indentified in that 28 corridor. We had very little to spare in our existing buildings.”
Home to a mix of tenants that includes Boeing, BNY Mellon and a branch of Indiana University of Pennsylvania, Northpointe now consists of nine privately owned buildings.
With occupancy at the development running near 100 percent since its first year, Northpointe was able to secure local and federal funding for the project, which should be available in the fall. While still intended for flex use, the new building’s configuration will be designed more for office users and accommodate either larger tenants or small companies in need of about 6,000 SF.
“It will probably have a higher percentage of office users than our previous buildings,” Coonley said. “There are components of the building that will have areas for light manufacturing and research and development.”
John Bilyak, the director of Industrial Brokerage with NAI Pittsburgh Commercial helping to market the property, was unsure if the business park would be able to draw the same kinds of defense-related companies it has in the past, given the passing last year of U.S. Rep. Jack Murtha, the powerful Johnstown Democrat who brought considerable federal funding to his district, which includes Northpointe.
But Bilyak expects the new building will have no problem finding tenants, with vacancy levels low and little other available land in the area. “The northeast corridor of the Allegheny Valley has never been tighter since I’ve been in the business,” he said. “That includes any product type with the exception of retail.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
by Tim Schooley
Pittsburgh, PA (May 7,2010)
The private sector may be struggling to come up with financing for industrial real estate development, but that isn’t stopping the Armstrong County Industrial Development Authority from pushing forward on a 30,000 SF addition at Northpinte, a 995 acre mixed-use development.
With $4million in state and federal dollars in hand, the county authority expects to break ground soon, adding to the development, located in South Buffalo Township near the Route 28 Allegheny Expressway.
“If we can fill that niche, I’m happy to do so,” said Michael Coonley, executive director of the public authority, which works jointly with Armstrong County Industrial Development Council. “It was the perfect storm. There was a need indentified in that 28 corridor. We had very little to spare in our existing buildings.”
Home to a mix of tenants that includes Boeing, BNY Mellon and a branch of Indiana University of Pennsylvania, Northpointe now consists of nine privately owned buildings.
With occupancy at the development running near 100 percent since its first year, Northpointe was able to secure local and federal funding for the project, which should be available in the fall. While still intended for flex use, the new building’s configuration will be designed more for office users and accommodate either larger tenants or small companies in need of about 6,000 SF.
“It will probably have a higher percentage of office users than our previous buildings,” Coonley said. “There are components of the building that will have areas for light manufacturing and research and development.”
John Bilyak, the director of Industrial Brokerage with NAI Pittsburgh Commercial helping to market the property, was unsure if the business park would be able to draw the same kinds of defense-related companies it has in the past, given the passing last year of U.S. Rep. Jack Murtha, the powerful Johnstown Democrat who brought considerable federal funding to his district, which includes Northpointe.
But Bilyak expects the new building will have no problem finding tenants, with vacancy levels low and little other available land in the area. “The northeast corridor of the Allegheny Valley has never been tighter since I’ve been in the business,” he said. “That includes any product type with the exception of retail.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
NAI Pittsburgh Commercial: Exclusive Leasing Agent for 95 West Beau Street, Washington, PA
PITTSBURGH, PA – (May 5, 2010)
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE.
NAI Pittsburgh Commercial is proud to announce they have been selected to be the Exclusive Leasing Agent for 95 West Beau Street in Washington, PA.
95 West Beau Street is a Six (6) Story, LEED Certified, 144,000 SF mixed-use building that was constructed in 2006 and is located in his
toric downtown Washington. The building is adjacent to and attached to an 800 car public parking garage, is minutes from Interstates 79 and 70, and is in walking distance to various amenities. Currently, there is 3,500 to 106,000 contiguous SF of Class A office space immediately available and “plug & play” ready.
Paul Horan, a Founding Principal of NAI Pittsburgh Commercial said “We are excited for the opportunity to work with Millcraft Industries and specifically 95 West Beau Street. This is a premier property, strategically located to accommodate the ever growing demand for quality office space in Washington County.”
For additional information on this office opportunity, please contact Paul Horan (ext. 205) or Jeff Adams (ext. 210) at (412) 321-4200.
95 West Beau Street is a Six (6) Story, LEED Certified, 144,000 SF mixed-use building that was constructed in 2006 and is located in his
toric downtown Washington. The building is adjacent to and attached to an 800 car public parking garage, is minutes from Interstates 79 and 70, and is in walking distance to various amenities. Currently, there is 3,500 to 106,000 contiguous SF of Class A office space immediately available and “plug & play” ready.Paul Horan, a Founding Principal of NAI Pittsburgh Commercial said “We are excited for the opportunity to work with Millcraft Industries and specifically 95 West Beau Street. This is a premier property, strategically located to accommodate the ever growing demand for quality office space in Washington County.”
For additional information on this office opportunity, please contact Paul Horan (ext. 205) or Jeff Adams (ext. 210) at (412) 321-4200.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE.
Monday, April 12, 2010
Promotion of Jeffrey Adams to Vice President of Office & Industrial Brokerage
NAI PITTSBURGH COMMERCIAL IS PLEASED TO ANNOUNCE THE PROMOTION OF JEFFREY ADAMS TO VICE PRESIDENT-OFFICE & INDUSTRIAL BROKERAGE
NAI Pittsburgh Commercial is pleased to announce that Jeffrey Adams has been promoted to Vice President-Office and Industrial Brokerage.
Mr. Adams a 1998 graduate of the Pennsylvania State University has been active in the Western Pennsylvania real estate market since January of 1999. He has been responsible for procuring tenant and buyer representation assignments, leasing and subleasing agency assignments as well as assisting with sale dispositions of office, industrial and investment properties.
His client list includes Fortune 500, technology, medical, law and law-related, financial and banking companies and many service related companies. He has been engaged by UPMC, HRPT Properties Trust, IMPAQT, DeLallo’s, RMS Lifeline, Inmedius, Jackson Holdings, Raphael Ramsden & Behers, KForce, Inc., Pepsi North America and Circuits, LLC for their various real estate requirements.
Bill Leone, Managing Principal of NAI Pittsburgh Commercial said Mr. Adams personifies the firm’s commitment to its clients and to its business philosophy. “Over the past 10 years, Jeff has made an outstanding contribution to his clients, his colleagues, and the firm, while also demonstrating the values embodied in our founding principles,”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE.
Tuesday, March 23, 2010
NAI PITTSBURGH COMMERCIAL APPOINTED AS EXCLUSIVE BROKER
Pittsburgh, PA - (March 23, 2010) -
NAI Pittsburgh Commercial has been engaged to lease Northpointe Technology Center II, a 30,000 square foot new construction flex project with a target delivery date of Fall 2010. Northpointe is located along Route 28 at Exit 18. The space will be ideal for office start-ups or larger office users, and for those in need of light manufacturing space.
NAI Pittsburgh Commercial will also be responsible for the leasing efforts at Northpointe Technology Center I, an existing 30,000 SF Flex/Light Manufacturing building.
John Bilyak, Principal & Director of Industrial Brokerage and Jessica L. Jarosz, Associate, of NAI Pittsburgh Commercial, are representing the Armstrong County Industrial Development Authority in this exciting new project. Feel free to contact John or Jessica at 412.321.4200 for more information or to schedule a tour.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE.
NAI Pittsburgh Commercial has been engaged to lease Northpointe Technology Center II, a 30,000 square foot new construction flex project with a target delivery date of Fall 2010. Northpointe is located along Route 28 at Exit 18. The space will be ideal for office start-ups or larger office users, and for those in need of light manufacturing space.
NAI Pittsburgh Commercial will also be responsible for the leasing efforts at Northpointe Technology Center I, an existing 30,000 SF Flex/Light Manufacturing building.
John Bilyak, Principal & Director of Industrial Brokerage and Jessica L. Jarosz, Associate, of NAI Pittsburgh Commercial, are representing the Armstrong County Industrial Development Authority in this exciting new project. Feel free to contact John or Jessica at 412.321.4200 for more information or to schedule a tour.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE.
Friday, March 19, 2010
Pittsburgh region tops nation in new office tenants
By Sam Spatter, FOR THE PITTSBURGH TRIBUNE-REVIEW
Wednesday, March 17, 2010
Pittsburgh led the nation during 2009 in the amount of office space leased or occupied by new tenants, the chief economist for Grubb & Ellis, a national commercial real estate company, said Tuesday.
"The region did remarkably well versus other markets," said Bob Bach, during the firm's 2010 Commercial Real Estate Forecast Update at the Duquesne Club, Downtown.
The region filled 693,276 square feet of office space -- equal to about 40 football fields -- which helped reduce the office vacancy rate to about 15 percent -- from about 16 percent -- while other cities, such as Philadelphia, had 2 million square feet vacated last year, increasing office vacancy to 16.8 percent, Bach said.
The overall increase in occupancy was fueled by Westinghouse Electric Co.'s move to about 500,000 square feet of space at its new world headquarters in Cranberry, and Dick's Sporting Goods occupancy of its new 670,000-square-foot headquarters in Findlay, at Pittsburgh International Airport.
Other gains included K&L Gates law firm occupying 251,000 square feet of space in K&L Gates Center, formerly One Oliver Plaza Building, Downtown, and the state's leasing of space in three Downtown buildings, now that the State Office Building, Downtown, has been sold to Millcraft Industries Inc. Because the state owned the building, the office space was not included in previous office inventories.
Offsetting losses included about 387,000 square feet of space at Westinghouse's former Monroeville campus and 289,000 square feet of space K&L Gates is vacating at the Henry W. Oliver building, Downtown. But BNY Mellon Corp. already has leased 100,000 square feet of space at the Monroeville site.
Bach said class A rental rates Downtown are predicted to increase to $22.75 this year from $21.75 per square foot last year, while suburban office rates could increase to about $20.85 from about $20.40 per square foot of space.
"Dwindling class A space will force tenants to consider second generation space, and the limited availability of larger blocks of space will provide upward pressure on class A rates," he said.
Wednesday, March 17, 2010
Pittsburgh led the nation during 2009 in the amount of office space leased or occupied by new tenants, the chief economist for Grubb & Ellis, a national commercial real estate company, said Tuesday.
"The region did remarkably well versus other markets," said Bob Bach, during the firm's 2010 Commercial Real Estate Forecast Update at the Duquesne Club, Downtown.
The region filled 693,276 square feet of office space -- equal to about 40 football fields -- which helped reduce the office vacancy rate to about 15 percent -- from about 16 percent -- while other cities, such as Philadelphia, had 2 million square feet vacated last year, increasing office vacancy to 16.8 percent, Bach said.
The overall increase in occupancy was fueled by Westinghouse Electric Co.'s move to about 500,000 square feet of space at its new world headquarters in Cranberry, and Dick's Sporting Goods occupancy of its new 670,000-square-foot headquarters in Findlay, at Pittsburgh International Airport.
Other gains included K&L Gates law firm occupying 251,000 square feet of space in K&L Gates Center, formerly One Oliver Plaza Building, Downtown, and the state's leasing of space in three Downtown buildings, now that the State Office Building, Downtown, has been sold to Millcraft Industries Inc. Because the state owned the building, the office space was not included in previous office inventories.
Offsetting losses included about 387,000 square feet of space at Westinghouse's former Monroeville campus and 289,000 square feet of space K&L Gates is vacating at the Henry W. Oliver building, Downtown. But BNY Mellon Corp. already has leased 100,000 square feet of space at the Monroeville site.
Bach said class A rental rates Downtown are predicted to increase to $22.75 this year from $21.75 per square foot last year, while suburban office rates could increase to about $20.85 from about $20.40 per square foot of space.
"Dwindling class A space will force tenants to consider second generation space, and the limited availability of larger blocks of space will provide upward pressure on class A rates," he said.
Thursday, March 18, 2010
NAI Pittsburgh Commercial Leases 3,500 SF at 125 Hillvue Lane, Pittsburgh, PA 5237
Pittsburgh, PA - (March 17, 2010) -
NAI Pittsburgh Commercial is pleased to announce the 3,500 SF lease signing of Nine10 Interactive, Inc at 125 Hillvue Lane in Pittsburgh, PA 15237.
Edward R. Lawrence, of NAI Pittsburgh Commercial represented the landlord in the transaction. Gail Beek of ACRES represented Nine10 Interactive, Inc.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE.
NAI Pittsburgh Commercial is pleased to announce the 3,500 SF lease signing of Nine10 Interactive, Inc at 125 Hillvue Lane in Pittsburgh, PA 15237.
Edward R. Lawrence, of NAI Pittsburgh Commercial represented the landlord in the transaction. Gail Beek of ACRES represented Nine10 Interactive, Inc.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE.
Thursday, March 11, 2010
NAI Pittsburgh Commercial Represents National Association of EMS Educators
Pittsburgh, PA - (March 10, 2010)
NAI Pittsburgh Commercial is pleased to announce the 3,600 square foot lease signing of National Association of EMS Educators at 250 Mt. Lebanon Boulevard, Pittsburgh, Pennsylvania.
The National Association of EMS Educators was established in 1995 as a membership organization designed to promote and provide a voice for EMS Education. Today, it is a national professional association comprised of educators, instructors, teachers, training officers, directors and advisors in EMS in both the private and public sectors.
Ralph Egerman, Principal of NAI Pittsburgh Commercial, represented EMS Educators in this transaction.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
NAI Pittsburgh Commercial is pleased to announce the 3,600 square foot lease signing of National Association of EMS Educators at 250 Mt. Lebanon Boulevard, Pittsburgh, Pennsylvania.
The National Association of EMS Educators was established in 1995 as a membership organization designed to promote and provide a voice for EMS Education. Today, it is a national professional association comprised of educators, instructors, teachers, training officers, directors and advisors in EMS in both the private and public sectors.
Ralph Egerman, Principal of NAI Pittsburgh Commercial, represented EMS Educators in this transaction.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
Friday, February 26, 2010
No vacancy: Office space in Oakland is tighter than ever
Thursday, February 25, 2010
By Mark Belko, Pittsburgh Post-Gazette
If you're looking for premium office space in Oakland, you might want to look somewhere else
The perennially tight office market there couldn't be much tighter, registering a zero vacancy rate for top Class A
space in the last quarter, according to two real estate reports.
"In 20 years of doing commercial real estate, I don't think I've seen a zero vacancy rate in a significant market comparable to Oakland," said Aaron D. Stauber, president of New York-based Rugby Realty, which has extensive property holdings in Pittsburgh.
Oakland's vacancy rate is even more amazing, Mr. Stauber said, when compared with vacancy rates throughout the country and in some of the biggest cities that have been soaring as a result of the recession.
"In the context of what's happening in the rest of the country and the economy, it's mind-boggling," he said.
Fourth-quarter 2009 reports by the CoStar Group, a commercial real estate data firm, and CB Richard Ellis listed Oakland's Class A vacancy rate at zero. Another real estate firm, Grubb & Ellis, reported it at 2.8 percent, with all but 21,687 of 779,352 square feet of class A space taken. The vacancy rate for Class A space in Midtown Manhattan, by contrast, was 14.7 percent, according to one report.
"Zero is almost impossible to achieve, frankly. It's rare or an anomaly. You always have someone moving in or moving out. Traditionally, 96 to 97 percent is seen as 100 percent occupied," said Bill Hunt, president of the Elmhurst Group, which owns one fully occupied office building in Oakland.
Even after adding other classes of office space into the equation, Oakland still commands the lowest vacancy rate in the region, at 1.8 percent to 7.1 percent, depending on the report.
Factors filling Oakland nearly to the brim include the ever-growing demand for space by universities and medical institutions and the scarcity of private land available for new office development.
The high cost of building underground parking, a virtual must in Oakland, is a big factor in discouraging speculative office construction, said Jason Stewart, Grubb & Ellis vice president. He estimated that the cost of building one underground parking space could run $35,000 to $45,000.
The high demand for office space and the short supply have been a boon for Oakland landlords and merchants - as well as the Pittsburgh Technology Center and Downtown landlords, both of which offer an alternative to businesses, universities and others who can't find the space they want in Oakland.
Mr. Stauber said the region already has seen a spillover effect with the move of the UPMC headquarters to the U.S. Steel Tower, Downtown, and Google's move from Oakland to the Bakery Square development in Larimer, where it will be expanding.
"These are all indicators of what's going on," he said.
UPMC spokesman Paul Wood said one reason the health care giant moved its corporate offices to Downtown was to free up space for clinical services in Oakland.
"It's a great problem for the city of Pittsburgh to have," he said of Oakland's scarcity of space. "It's a sign of the relative economic strength of the region."
At the same time the lease rate for Class A space in Oakland - ranging from $24.30 a square foot in the Grubb & Ellis report to $27 a square foot in the CoStar report - was the highest in the region in the last quarter.
The $27 rate quoted by CoStar is up $1.25 a square foot from the first quarter of 2006, when the vacancy rate was 3.5 percent. Mr. Stauber said he has been told that some of the latest deals involve rents above $30 a square foot.
Georgia Petropoulos Muir, executive director of the Oakland Business Improvement District, said the low vacancy rates have been a "win-win" for landlords and merchants. While landlords don't have to worry about filling their space, retailers and restaurants benefit from the steady foot traffic from the universities, hospitals and private offices, she said.
"I'd love to see all my space filled," she said.
She added that while the office market is tight, especially for the premium space, there are vacancies, particularly in some of the smaller buildings with less than 10,000 square feet.
"If there's anyone out there looking to locate an office in Oakland, yes, there are properties [available]," she said.
For those seeking coveted premium space, some help could be on the way.
FWG Realty Inc. has revived plans for office buildings and a hotel on land bounded by Fifth, Forbes and Craft avenues. Known as the Oakland Portal project, the proposal includes three buildings totaling 375,000 square feet, along with underground parking.
The project had been on hold because of difficulties in securing financing.
However, Frank Gustine Jr., one of the partners, said the financing market had improved and FWG was looking to move ahead.
It hopes to build Class A space, aware of the short supply and high demand.
"We're getting our financing arranged. We're talking to people about that. We think we have a great site," Mr. Gustine said, adding FWG hopes to be in the position to announce a groundbreaking by spring or summer.
A group of developers, including Massaro Properties and Langholz Wilson Ellis, also is negotiating with Allegheny County to buy the Health Department building and property at 3333 Forbes Ave. in Oakland with plans to redevelop it into a hotel, office building and garage.
Elmhurst has plans to build a seven-story office building at Ruskin Avenue and Bayard Street later this year. Mr. Hunt said the development, which will include underground parking, would cost "north of $20 million."
With so little nonuniversity land available for use, Mr. Hunt predicted that developers soon would start to look to tear down older obsolete buildings to build new space.
Given the tight office market in Oakland, the bid by a county task force to create a public-private partnership to build a transit line linking Downtown and Oakland resonated with Mr. Stewart and Mr. Stauber.
"It's potentially a great relief valve for Oakland. Its users can look at Downtown now as being more accessible without having to depend on parking in Downtown or bus service," Mr. Stewart said.
"Oakland and Downtown ... they're almost symbiotic. The only thing lacking right now is a transportation system," Mr. Stauber added.
For the time being, though, it could be slim pickings in Oakland, particularly for users of Class A office space. Mr. Stewart, for one, doesn't see the factors creating the crunch changing anytime soon, meaning space will continue to be at a premium.
"The cost to build parking won't go down, and nobody's making land," he said.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
By Mark Belko, Pittsburgh Post-Gazette
If you're looking for premium office space in Oakland, you might want to look somewhere else
The perennially tight office market there couldn't be much tighter, registering a zero vacancy rate for top Class A
space in the last quarter, according to two real estate reports."In 20 years of doing commercial real estate, I don't think I've seen a zero vacancy rate in a significant market comparable to Oakland," said Aaron D. Stauber, president of New York-based Rugby Realty, which has extensive property holdings in Pittsburgh.
Oakland's vacancy rate is even more amazing, Mr. Stauber said, when compared with vacancy rates throughout the country and in some of the biggest cities that have been soaring as a result of the recession.
"In the context of what's happening in the rest of the country and the economy, it's mind-boggling," he said.
Fourth-quarter 2009 reports by the CoStar Group, a commercial real estate data firm, and CB Richard Ellis listed Oakland's Class A vacancy rate at zero. Another real estate firm, Grubb & Ellis, reported it at 2.8 percent, with all but 21,687 of 779,352 square feet of class A space taken. The vacancy rate for Class A space in Midtown Manhattan, by contrast, was 14.7 percent, according to one report.
"Zero is almost impossible to achieve, frankly. It's rare or an anomaly. You always have someone moving in or moving out. Traditionally, 96 to 97 percent is seen as 100 percent occupied," said Bill Hunt, president of the Elmhurst Group, which owns one fully occupied office building in Oakland.
Even after adding other classes of office space into the equation, Oakland still commands the lowest vacancy rate in the region, at 1.8 percent to 7.1 percent, depending on the report.
Factors filling Oakland nearly to the brim include the ever-growing demand for space by universities and medical institutions and the scarcity of private land available for new office development.
The high cost of building underground parking, a virtual must in Oakland, is a big factor in discouraging speculative office construction, said Jason Stewart, Grubb & Ellis vice president. He estimated that the cost of building one underground parking space could run $35,000 to $45,000.
The high demand for office space and the short supply have been a boon for Oakland landlords and merchants - as well as the Pittsburgh Technology Center and Downtown landlords, both of which offer an alternative to businesses, universities and others who can't find the space they want in Oakland.
Mr. Stauber said the region already has seen a spillover effect with the move of the UPMC headquarters to the U.S. Steel Tower, Downtown, and Google's move from Oakland to the Bakery Square development in Larimer, where it will be expanding.
"These are all indicators of what's going on," he said.
UPMC spokesman Paul Wood said one reason the health care giant moved its corporate offices to Downtown was to free up space for clinical services in Oakland.
"It's a great problem for the city of Pittsburgh to have," he said of Oakland's scarcity of space. "It's a sign of the relative economic strength of the region."
At the same time the lease rate for Class A space in Oakland - ranging from $24.30 a square foot in the Grubb & Ellis report to $27 a square foot in the CoStar report - was the highest in the region in the last quarter.
The $27 rate quoted by CoStar is up $1.25 a square foot from the first quarter of 2006, when the vacancy rate was 3.5 percent. Mr. Stauber said he has been told that some of the latest deals involve rents above $30 a square foot.
Georgia Petropoulos Muir, executive director of the Oakland Business Improvement District, said the low vacancy rates have been a "win-win" for landlords and merchants. While landlords don't have to worry about filling their space, retailers and restaurants benefit from the steady foot traffic from the universities, hospitals and private offices, she said.
"I'd love to see all my space filled," she said.
She added that while the office market is tight, especially for the premium space, there are vacancies, particularly in some of the smaller buildings with less than 10,000 square feet.
"If there's anyone out there looking to locate an office in Oakland, yes, there are properties [available]," she said.
For those seeking coveted premium space, some help could be on the way.
FWG Realty Inc. has revived plans for office buildings and a hotel on land bounded by Fifth, Forbes and Craft avenues. Known as the Oakland Portal project, the proposal includes three buildings totaling 375,000 square feet, along with underground parking.
The project had been on hold because of difficulties in securing financing.
However, Frank Gustine Jr., one of the partners, said the financing market had improved and FWG was looking to move ahead.
It hopes to build Class A space, aware of the short supply and high demand.
"We're getting our financing arranged. We're talking to people about that. We think we have a great site," Mr. Gustine said, adding FWG hopes to be in the position to announce a groundbreaking by spring or summer.
A group of developers, including Massaro Properties and Langholz Wilson Ellis, also is negotiating with Allegheny County to buy the Health Department building and property at 3333 Forbes Ave. in Oakland with plans to redevelop it into a hotel, office building and garage.
Elmhurst has plans to build a seven-story office building at Ruskin Avenue and Bayard Street later this year. Mr. Hunt said the development, which will include underground parking, would cost "north of $20 million."
With so little nonuniversity land available for use, Mr. Hunt predicted that developers soon would start to look to tear down older obsolete buildings to build new space.
Given the tight office market in Oakland, the bid by a county task force to create a public-private partnership to build a transit line linking Downtown and Oakland resonated with Mr. Stewart and Mr. Stauber.
"It's potentially a great relief valve for Oakland. Its users can look at Downtown now as being more accessible without having to depend on parking in Downtown or bus service," Mr. Stewart said.
"Oakland and Downtown ... they're almost symbiotic. The only thing lacking right now is a transportation system," Mr. Stauber added.
For the time being, though, it could be slim pickings in Oakland, particularly for users of Class A office space. Mr. Stewart, for one, doesn't see the factors creating the crunch changing anytime soon, meaning space will continue to be at a premium.
"The cost to build parking won't go down, and nobody's making land," he said.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
Friday, February 5, 2010
Pittsburgh region's office vacancy rate stable through '09
By Sam Spatter, FOR THE PITTSBURGH TRIBUNE-REVIEW
The Pittsburgh region's office real estate market remained stable in 2009 with a vacancy rate of 15.5 percent, almost unchanged from 15.4 percent at the end of 2008, according to a report Friday.
The region showed an increase in new occupancy last year, said Grubb & Ellis in its Fourth Quarter 2009 Office Trends Report. The increase came from tenants moving from older buildings into new buildings, such as Three PNC Plaza, where about 326,000 square feet was occupied by the law firm Reed Smith and by PNC.
Besides Three PNC Plaza -- the first new Downtown office complex in over 20 years -- other new buildings occupied during the year were the 160,000-square-foot Bridgeside Point II in Oakland and the 70,000-square-foot Cranberry Business Park Building 110 in Cranberry.
Asking rental rates in Class A1 buildings Downtown ended 2009 at $26.97 per square foot, essentially unchanged from the third quarter of 2009. ClassA2 asking rental rates settled at $20.95, up 38 cents from the third quarter.
Notable leases signed in 2009 include Duquesne Light's 86,000 square feet at 411 Seventh Ave.; ANH Refractories Co., 63,182 square feet at Cherrington Corp. Center, Moon; Koppers Industries 59,000 square feet in Koppers Building, Downtown; and 40,000 square feet each at Bakery Square, Larimer-East Liberty, by Google Inc. and University of Pittsburgh and VA of Pittsburgh.
In the region's industrial real estate market, 2009 continued the trend of low vacancy rates, ending the year at 8.3 percent, down from 8.6 percent from the third quarter.
Tenants occupied an additional 570,859 square feet last year, primarily in new buildings at Clinton Commerce Park, near Pittsburgh International Airport. These included 210,000 square feet for Flabeg Corp. and 205,000 square feet for FedEx Smart-Post.
In the retail real estate market, store closings contributed to a decline in space occupied, with the vacancy rate rising to 8.2 percent from 6.6 percent at end of 2008. Even so, several new developments opened or were started.
Opened was Settlers Ridge, a 600,000-square-foot lifestyle shopping center in Robinson that is 94 percent leased, and started was McCandless Crossings, a 130-acre development in McCandless. Big Lots opened a 36,000-square-foot store in the former Kuhn's Quality Food store along McKnight Road, and SouthSide Works will add a 15,000-square-foot Toby Keith's I Love This Bar & Grill this year.
The Pittsburgh region's office real estate market remained stable in 2009 with a vacancy rate of 15.5 percent, almost unchanged from 15.4 percent at the end of 2008, according to a report Friday.
The region showed an increase in new occupancy last year, said Grubb & Ellis in its Fourth Quarter 2009 Office Trends Report. The increase came from tenants moving from older buildings into new buildings, such as Three PNC Plaza, where about 326,000 square feet was occupied by the law firm Reed Smith and by PNC.
Besides Three PNC Plaza -- the first new Downtown office complex in over 20 years -- other new buildings occupied during the year were the 160,000-square-foot Bridgeside Point II in Oakland and the 70,000-square-foot Cranberry Business Park Building 110 in Cranberry.
Asking rental rates in Class A1 buildings Downtown ended 2009 at $26.97 per square foot, essentially unchanged from the third quarter of 2009. ClassA2 asking rental rates settled at $20.95, up 38 cents from the third quarter.
Notable leases signed in 2009 include Duquesne Light's 86,000 square feet at 411 Seventh Ave.; ANH Refractories Co., 63,182 square feet at Cherrington Corp. Center, Moon; Koppers Industries 59,000 square feet in Koppers Building, Downtown; and 40,000 square feet each at Bakery Square, Larimer-East Liberty, by Google Inc. and University of Pittsburgh and VA of Pittsburgh.
In the region's industrial real estate market, 2009 continued the trend of low vacancy rates, ending the year at 8.3 percent, down from 8.6 percent from the third quarter.
Tenants occupied an additional 570,859 square feet last year, primarily in new buildings at Clinton Commerce Park, near Pittsburgh International Airport. These included 210,000 square feet for Flabeg Corp. and 205,000 square feet for FedEx Smart-Post.
In the retail real estate market, store closings contributed to a decline in space occupied, with the vacancy rate rising to 8.2 percent from 6.6 percent at end of 2008. Even so, several new developments opened or were started.
Opened was Settlers Ridge, a 600,000-square-foot lifestyle shopping center in Robinson that is 94 percent leased, and started was McCandless Crossings, a 130-acre development in McCandless. Big Lots opened a 36,000-square-foot store in the former Kuhn's Quality Food store along McKnight Road, and SouthSide Works will add a 15,000-square-foot Toby Keith's I Love This Bar & Grill this year.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
Friday, January 22, 2010
NAI Pittsburgh Commercial Represents Eye Candy Optical in new Lease, Peters Township, PA
Pittsburgh, PA - (January 20, 2010) -
NAI Pittsburgh Commercial is pleased to announce the 2,211 square foot lease signing of Eye Candy Optical Center at Donaldson’s Crossroads in Peters Township. Formerly Giant Eagle Optical, Eye Candy Optical Center has moved to a new suite at Donaldson’s Crossroads and will be celebrating a grand opening on January 30, 2010.
Eye Candy Optical Center is a full-service vision center offering eye exams, selection of over 2000 frame styles and contacts, as well as eyeglass accessories.
Patrick J Sentner, SIOR, Principal and Edward R. Lawrence, MBA, Associate, of NAI Pittsburgh Commercial represented Eye Candy Optical Center in the transaction.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
NAI Pittsburgh Commercial is pleased to announce the 2,211 square foot lease signing of Eye Candy Optical Center at Donaldson’s Crossroads in Peters Township. Formerly Giant Eagle Optical, Eye Candy Optical Center has moved to a new suite at Donaldson’s Crossroads and will be celebrating a grand opening on January 30, 2010.
Eye Candy Optical Center is a full-service vision center offering eye exams, selection of over 2000 frame styles and contacts, as well as eyeglass accessories.
Patrick J Sentner, SIOR, Principal and Edward R. Lawrence, MBA, Associate, of NAI Pittsburgh Commercial represented Eye Candy Optical Center in the transaction.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
NAI PITTSBURGH COMMERCIAL REPRESENTS DICLAUDIO & KRAMER AT ABELE BUSINESS PARK
Pittsburgh, PA - (January 20, 2010) -
NAI Pittsburgh Commercial is pleased to announce the 2,078 square foot lease signing of DiClaudio & Kramer, LLC Inc at Abele Road, Suite 1001 in the Abele Business Park in South Fayette Township. DiClaudio & Kramer, LLC is a CPA firm that offers a full range of auditing, accounting, and tax services.
Edward R. Lawrence, MBA, Associate, of NAI Pittsburgh Commercial represented DiClaudio & Kramer in the transaction.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
NAI Pittsburgh Commercial is pleased to announce the 2,078 square foot lease signing of DiClaudio & Kramer, LLC Inc at Abele Road, Suite 1001 in the Abele Business Park in South Fayette Township. DiClaudio & Kramer, LLC is a CPA firm that offers a full range of auditing, accounting, and tax services.
Edward R. Lawrence, MBA, Associate, of NAI Pittsburgh Commercial represented DiClaudio & Kramer in the transaction.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
Thursday, December 10, 2009
Retail Property Being Converted to School
Developer Pays $2.3M for 110,000-SF Building
Genstein Limited Partnership has purchased the 110,000-square-foot retail building at 1500 Yost Blvd in Pittsburgh from Guardian Construction Management. The developer paid $2.3 million, or $21 per square foot.
Conversion of the building for education has already begun. Propel Charter Schools signed a 15-year lease for 42,000 square feet to establish an elementary school. This will be its sixth location. Propel Charter Schools intends to open for the fall semester and plans on opening a high school at the same location the following year.
The building, built in 1970, sits on 11.3 acres and had been home for Nordstrom and Wal-Mart as temporary tenants over the last two years.
Paul Horan of NAI Pittsburgh Commercial represented the buyer and the new tenant. Jeremy Kronman, Christina Bucciero and Courtney Lynn of CB Richard Ellis represented the seller.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
Genstein Limited Partnership has purchased the 110,000-square-foot retail building at 1500 Yost Blvd in Pittsburgh from Guardian Construction Management. The developer paid $2.3 million, or $21 per square foot.
Conversion of the building for education has already begun. Propel Charter Schools signed a 15-year lease for 42,000 square feet to establish an elementary school. This will be its sixth location. Propel Charter Schools intends to open for the fall semester and plans on opening a high school at the same location the following year.
The building, built in 1970, sits on 11.3 acres and had been home for Nordstrom and Wal-Mart as temporary tenants over the last two years.
Paul Horan of NAI Pittsburgh Commercial represented the buyer and the new tenant. Jeremy Kronman, Christina Bucciero and Courtney Lynn of CB Richard Ellis represented the seller.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
ULI: Commercial real estate market will hit bottom in 2010
Pittsburgh Business Times - by Tim Schooley
When a commercial real estate forecast begins with slides of the Roadrunner being chased by Wylie Coyote, it’s not hard to see through to the bottom of the cartoon canyon to understand what the fall represents.
That was Charles DiRocco’s approach to presenting the Urban Land Institute’s report on the Emerging Trends in Real Estate for 2010 in a breakfast hosted by the ULI’s Pittsburgh chapter at the Rivers Club Wednesday morning.
With the residential real estate market bottoming out in 2009, DiRocco said that in 2010 the “commercial real estate is going to hit to bottom as well.
It was a road show DiRocco, Pittsburgh native who is one of the ULI’s principal researchers, has presented in cities throughout the country, serving as the messenger of what’s largely been a bad news market for commercial real estate everywhere.
DiRocco’s gallows approach didn’t sugar coat ongoing trends that suggest a business environment for commercial real estate he expects will be worse than the recession of the early 1990s. The ULI’s larger report expects real estate value declines will average more than 40 percent below previous highs of mid-2007.
With values sinking so much, DiRocco expects real estate development has largely ground to a halt for the new year as well as perhaps a few years to follow.
Richard Moody, a local economist who also participated in the breakfast discussion, emphasized that financing for any new development will remain difficult.
“If you want to see if a banker has a good sense of humor, go and ask him for a construction loan,” Moody said.
The Pittsburgh area has proven to be relatively well-positioned to withstand any fall out in commercial real estate, both men said.
DiRocco said Pittsburgh’s standing has improved over other metros in the past year by not seeing the precipitous drops in value experienced elsewhere. A panel discussion suggested that many late-cycle buyers of 2005 through 2007 could find themselves struggling with foreclosures and workouts given the burden they’ve taken with high sales prices, weakening occupancy and commercial mortgage-backed securities (CMBS) coming due.
Nick Matt, a managing director in the Pittsburgh office of HFF Inc., said it will be difficult for the banks to negotiate a wave of property falling back into their possession.
“Right now, the servicers are inundated,” he said, seeing the process as far more complicated than in the past due to the way commercial mortgage debt has been packaged into CMBS. “We’ve never been through this on the CMBS side.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
When a commercial real estate forecast begins with slides of the Roadrunner being chased by Wylie Coyote, it’s not hard to see through to the bottom of the cartoon canyon to understand what the fall represents.
That was Charles DiRocco’s approach to presenting the Urban Land Institute’s report on the Emerging Trends in Real Estate for 2010 in a breakfast hosted by the ULI’s Pittsburgh chapter at the Rivers Club Wednesday morning.
With the residential real estate market bottoming out in 2009, DiRocco said that in 2010 the “commercial real estate is going to hit to bottom as well.
It was a road show DiRocco, Pittsburgh native who is one of the ULI’s principal researchers, has presented in cities throughout the country, serving as the messenger of what’s largely been a bad news market for commercial real estate everywhere.
DiRocco’s gallows approach didn’t sugar coat ongoing trends that suggest a business environment for commercial real estate he expects will be worse than the recession of the early 1990s. The ULI’s larger report expects real estate value declines will average more than 40 percent below previous highs of mid-2007.
With values sinking so much, DiRocco expects real estate development has largely ground to a halt for the new year as well as perhaps a few years to follow.
Richard Moody, a local economist who also participated in the breakfast discussion, emphasized that financing for any new development will remain difficult.
“If you want to see if a banker has a good sense of humor, go and ask him for a construction loan,” Moody said.
The Pittsburgh area has proven to be relatively well-positioned to withstand any fall out in commercial real estate, both men said.
DiRocco said Pittsburgh’s standing has improved over other metros in the past year by not seeing the precipitous drops in value experienced elsewhere. A panel discussion suggested that many late-cycle buyers of 2005 through 2007 could find themselves struggling with foreclosures and workouts given the burden they’ve taken with high sales prices, weakening occupancy and commercial mortgage-backed securities (CMBS) coming due.
Nick Matt, a managing director in the Pittsburgh office of HFF Inc., said it will be difficult for the banks to negotiate a wave of property falling back into their possession.
“Right now, the servicers are inundated,” he said, seeing the process as far more complicated than in the past due to the way commercial mortgage debt has been packaged into CMBS. “We’ve never been through this on the CMBS side.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
Thursday, December 3, 2009
Report: Pittsburgh's office rents off slightly year-over-year
Office rental rates in Pittsburgh were down slightly year-over-year, according to a report by CB Richard Ellis Group Inc.
The city saw a 1.1 percent year-over-year decline in average rental rates, the report found. As of Sept. 30, the average rent for Pittsburgh office space was $22.61 per square foot.
Boston's central business district led the Americas on the report, with a 33.9 percent drop in average rental rates.
Average office rents worldwide declined 7.7 percent in the fiscal year ended Sept. 30, according to the report, with rents down in 131 of the 179 major cities CB Richard Ellis tracks. Nearly 50 markets have seen double-digit declines. Tops among cities seeing declines was Kiev (down 64.6 percent) and Singapore (53.4 percent).
Other large drops include a 41 percent decline in Hong Kong, a 39 percent decline in Abu Dhabi and a 35 percent decline in Moscow.
New York retained its rank as the most expensive North American market, with Midtown rents of $68.93 per square foot. New York’s rents rank 24th globally.
London’s West End, where rents declined 17.8 percent during the period studied, is the world’s most expensive market, at an average of $184.85 per square foot.
Tokyo, Hong Kong, Moscow and Paris follow London among the world’s most expensive office rental markets.
The Washington Business Journal and the Boston Business Journal, both affiliated publications, contributed reporting.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
The city saw a 1.1 percent year-over-year decline in average rental rates, the report found. As of Sept. 30, the average rent for Pittsburgh office space was $22.61 per square foot.
Boston's central business district led the Americas on the report, with a 33.9 percent drop in average rental rates.
Average office rents worldwide declined 7.7 percent in the fiscal year ended Sept. 30, according to the report, with rents down in 131 of the 179 major cities CB Richard Ellis tracks. Nearly 50 markets have seen double-digit declines. Tops among cities seeing declines was Kiev (down 64.6 percent) and Singapore (53.4 percent).
Other large drops include a 41 percent decline in Hong Kong, a 39 percent decline in Abu Dhabi and a 35 percent decline in Moscow.
New York retained its rank as the most expensive North American market, with Midtown rents of $68.93 per square foot. New York’s rents rank 24th globally.
London’s West End, where rents declined 17.8 percent during the period studied, is the world’s most expensive market, at an average of $184.85 per square foot.
Tokyo, Hong Kong, Moscow and Paris follow London among the world’s most expensive office rental markets.
The Washington Business Journal and the Boston Business Journal, both affiliated publications, contributed reporting.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
Tuesday, December 1, 2009
Conveyor Belt Manufacturer Fenner Dunlop Americas has Relocated Corporate Headquarters to Pittsburgh
Strategic location is cited as value-add by one of the newest companies to join the region’s energy economy supply chain
(PITTSBURGH – November 30, 2009)
Fenner Dunlop Americas, a wholly owned subsidiary of Fenner, PLC, a UK public company, has moved its corporate headquarters from the suburban Atlanta community of Scottdale, Ga. to Pittsburgh.
Leasing 15,000 square feet of office space in the Omega Corporate Center in Robinson Township (Allegheny County), Fenner Dunlop is now strategically located – a critical consideration during the site selection process, according to company officials.
“We wanted to be close to our North American belting product manufacturing facilities in both Ohio and Canada, as well as to key locations in our newly acquired service businesses – including Conveyor Service Corporation in Blairsville, Pa. (Indiana County), which we acquired last year – and major customer regions,” said Cassandra Pan, president of Fenner Dunlop Americas. “Operating from Pittsburgh puts Fenner Dunlop at the heart of its North American business, allowing for optimal business management. We’re close to where it’s all happening and closer to our customers.”
The headquarters relocation is expected to create approximately 40 jobs including several executives relocating from Atlanta and several new local hires. In addition to the efforts of the local commercial real estate firm NAI Pittsburgh, other development partners including the Pennsylvania Department of Community and Economic Development, Allegheny County Economic Development and the Pittsburgh Regional Alliance worked collaboratively in support of this business investment win.
Founded in 1861 in the UK, the company primarily manufactured leather belting. Today, Fenner Dunlop has operations across Europe, North and South America, Australia, China, India and South Africa and attributes much of its substantial growth to a number of major acquisitions over the last 30 years.
One such acquisition occurred in 2001and resulted in the formation of Fenner Dunlop Conveyor Belting Worldwide, which comprises the company’s core business of manufacturing conveyor belts and related products and services.
Fenner Dunlop provides total conveyor belt solutions to the coal and hard rock mining industry for surface and underground mines worldwide. As such a provider, the company is now integrated into the Pittsburgh region’s energy economy, which comprises innovation leadership and supply chain expertise across traditional and alternative energy sectors. One of these sectors is coal—a fossil fuel found in ample supply in the Pittsburgh region, where public and private R&D abounds to advance clean coal technology. CONSOL Energy Inc., world-headquartered in Washington County, is the largest producer of high-Btu bituminous coal in the United States and a major customer of Fenner Dunlop.
“Fenner Dunlop conveyor belts and the steel structures on which the belts ride are the principal ways that CONSOL moves coal from its mines. We have literally hundreds of miles of Fenner Dunlop belting in our mines, as well as overland belts. These allow CONSOL to meet its customers’ demands for coal - a fuel staple now and for the future,” said CONSOL Energy CEO Brett Harvey, who also chairs the Pittsburgh Regional Alliance Partnership. “CONSOL Energy is pleased that one of its major vendors has made the decision to join the almost 800 energy-related companies that call the Pittsburgh region home,” said Harvey.
“During the recent Pittsburgh [G-20] Summit, President Obama hailed Pittsburgh for its transformation to a model 21st-century economy. That economy includes leadership related to energy—both traditional and alternative. Our innovative edge, coupled with a historic expertise in manufacturing, is amassing a diverse and robust energy supply chain in the region. For that and other reasons, companies like Fenner Dunlop have strategically selected southwestern Pennsylvania – a place gaining recognition as the nation’s new energy capital. From Pittsburgh, these companies are operating to supply the resources, products and components that will ultimately influence the delivery of energy – not only domestically, but globally – in efficient and more sustainable ways,” said Allegheny Conference on Community Development CEO Dennis Yablonsky.
With the mining industry as a primary customer, Fenner Dunlop also recognizes that the Mine Safety and Health Administration’s Pittsburgh Safety and Health Technology Center in Bruceton, PA – just south of Pittsburgh – played a part in the company’s relocation decision. “Nationally and internationally, conveyor belt fire safety in underground mines is a critical concern. Fenner Denlop is at the forefront of belt fire safety and believes it’s strategic to be close to the organization that is uniquely influencing standards compliance around our core business,” said Fenner Dunlop President Cassandra Pan.
While Fenner Dunlop’s conveyor belting operations are largely reliant on the mining industry, the company has also developed a range of belting-related products including moving walkways, parcel handling, plasterboard forming belts, stable matting and agricultural equipment. More information is available at http://www.fennerdunlopamericas.com/.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
Monday, November 9, 2009
Sale of the Bowne Building
NAI Pittsburgh Commercial is pleased to announce the sale of the 15,000 square foot office building known as The Bowne Building which is located in downtown Pittsburgh with an address of 120 Boulevard of the Allies, Pittsburgh, PA 15222.Paul D. Horan, Principal, Gregg Broujos, Principal & Edward Lawrence, Associate of NAI Pittsburgh Commercial represented the sellers in the transaction.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
Tuesday, October 27, 2009
NAI Pittsburgh Commercial Represents Duquesne Light Company in 86,000 SF Rewenal at Chamber of Commerce Building, Pittsburgh, PA
Pittsburgh, PA - (October 23, 2009) - NAI Pittsburgh Commercial is pleased to announce it has represented Duquesne Light Company in an 86,265 SF lease renewal at the Chamber of Commerce Building in downtown Pittsburgh.
Patrick J. Sentner, SIOR of NAI Pittsburgh Commercial represented Duquesne Light Company in this transaction while Jeremy Z. Kronman & Andrew Miller of CB Richard Ellis represented the landlord.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
Patrick J. Sentner, SIOR of NAI Pittsburgh Commercial represented Duquesne Light Company in this transaction while Jeremy Z. Kronman & Andrew Miller of CB Richard Ellis represented the landlord.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
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