The property is already home to the city's Major League Baseball and National Football League stadiums, respectively PNC Park and Heinz Field. Columbus, OH-based Continental, which owns the remaining land, says the next project will be a six-story 150,000-sf office building that will sit on the Allegheny River between the two stadiums. The building has been pre-leased to Pittsburgh-based Equitable Resources, which will consolidate 450 employees in the building.
Equitable says it will consolidate seven Pittsburgh locations into the new building, including office and technical staff of three business units and its headquarters. The seven locations total about the same amount of space, but the planned open office format should allow for some future growth as well.
A source at Continental tells GlobeSt.com the project will cost about $28 million. Completion is scheduled for late 2004 or early 2005. The value of the subsequent lease was not immediately available.
The Equitable operations being consolidated at the new facility include Equitable Gas Company and Equitrans, currently located at Allegheny Center Mall; Equitable Gas Company Region A located on the South Side and Region B located in McKeesport (excluding employees who are part of the Mobile Workforce initiative); the Utilities Gas Control function, currently located at Tepe Station; the Equitable Supply business segment and NORESCO, currently at Allegheny Center Four; Equitable's Technology Center at 4th Avenue, and; the company's headquarters at One Oxford Centre.
Equitable is a publicly traded integrated energy company with emphasis on Appalachian-area natural-gas supply, natural gas transmission and distribution. Equitable says the move does not affect the company's previously stated 2003 earnings guidance of $2.70 to $2.80 per fully diluted share that would represent record earnings per share and net income.
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