This sale includes 16 surrounding acres between 3000 Park Lane and 2000 Park Lane, a seven-story, 235,0000-sf office building that Wells acquired for more than $25 million in December 2005. "In essence, what Wells' funds have done with this acquisition is create a private, class A office complex at this location, with better amenities, visibility and access than any other location in the Airport corridor," says Jeremy Kornman, executive vice president of CB Richard Ellis/Pittsburgh.

Kornman represented Wells in the transaction, working with Heather Griner, Well's vice president of acquisitions. Kornman tells GlobeSt.com that both 3000 and 2000 Park Lane are 98% occupied. Intracorp, a subsidiary of Philadelphia-based Cigna Corp., is the major tenant at 3000 Park Lane, while Thermo, Fisher Scientific and Computer Associates are lead tenants at 2000 Park Lane. The asking rental rate is $23.50 per sf, according to Kornman.

Calling this "the top location for class A office in Pittsburgh's largest suburban market," he says, "the 16 acres of developable land allows Wells' funds to be in a position to provide future growth for its existing tenants, as well as the potential to build additional class A office buildings for users looking for ready-to-go premium sites."